Type
Internal restructuring
Country
Poland
Region
Location of affected unit(s)
Sector
Mining / Quarrying
Mining And Quarrying
Extraction Of Crude Petroleum And Natural Gas
06 - Extraction of crude petroleum and natural gas

900 jobs
Number of planned job losses
Job loss
Announcement Date
11 July 2016
Employment effect (start)
Foreseen end date
31 December 2016

Description

Exalo Drilling, a subsidiary of Polish national oil and gas group PGNiG, has announced that it will cut its employment capacity by 900 jobs in 2016. The group plans to reduce its operational costs by PLN 223 million (EUR 50.57mn USD 55.89mn) in 2016. Besides dismissals, the group plans to sell some of its real estate assets as well as implement redundancies in other subsidiaries, namely PGNiG and Geofizyka Kraków.

Exalo Drilling provides drilling and oilfield services in Central and Eastern Europe; PGNiG is the largest customer of the company.


Sources

  • 11 July 2016: Rzeczpospolita

Citation

Eurofound (2016), Exalo Drilling, Internal restructuring in Poland, factsheet number 88271, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88271.