The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Angola, Denmark (Copenaghen), Kazakhstan, Norway, Qatar, United States and UK
Sector
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06 - Extraction of crude petroleum and natural gas
1,250 jobs Number of planned job losses
Announcement Date
26 October 2015
Employment effect (start)
1 October 2015
Foreseen end date
31 December 2016
Description
Maersk Oil has announced a restructuring plan to reduce its workforce of about 10-12% across its business. The reorganisation, which aims to reduce operating costs by 20% by the end of 2016, is related to continued low oil prices. As explained by Maersk Oil, "the impacts will see a reduction in the number of employee and contractor roles in a range of Maersk Oil business locations, as well as the company’s headquarters." The restructuring brings the total number of positions taken out of the organisation during 2015 to approximately 1,250. “We are operating in a materially changed oil price environment and have taken necessary decisions to reduce activity levels through 2015, and ensure we focus where we can see adequate returns from our most robust projects, “ said Maersk Oil CEO Jakob Thomasen.
According to Maersk's press release, the "business units in Qatar and Norway will implement reductions in line with the 10-12% range, with slightly lower levels in the Danish operations, in Kazakhstan and in the company’s Copenhagen headquarters. In the UK, the business has already outlined plans to reduce the number of workers by around 220 positions. Further reductions were already announced last month: 60 roles in Angola and the United States associated with delays in the Chissonga project. Both actions fall within the scope of today’s communication". Maersk Oil is an international oil and gas company with operated production of 550,000 barrels of oil equivalent per day. It belongs to the group Maersk that employs 89,000 people worldwide. The group has announced in November 2015 a restructuring of Maersk Line, its subsidiary of sea freight transport, with about 4,000 job cuts.
Sources
26 October 2015: Maersk (Press release)
: Bloomberg Business
26 October 2015:
Citation
Eurofound (2015), Maersk Oil, Internal restructuring in World, factsheet number 85543, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/85543.
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