Restructuring events
European Restructuring Monitor (ERM)
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.
Drilling equipment manufacturer National Oilwell Varco (NOV) Norway is cutting its staff by about 170 employees. NOV has undergone several rounds of restructuring over the past few years (see previous cases: 2016NO, 2015NO). The company previously cut its Norwegian staff from around 5,000 in 2015 to 1,720 in July 2017, affecting both hired consultants and permanent employees. The latest announced round of restructuring will affect 'up to 10 percent' of the remaining staff, namely about 170 employees. The selection of employees and sites affected is yet to be made, and this process will likely last at least until the end of September. The dismissal process is estimated to be completed by December 2017. A press release from the company states that its management in Norway regrets the strain such a situation is placing on the employees, and that it will try to conduct a tidy process, adhering to its responsibilities towards the affected parties. The company is restructuring in response to the low crude oil prices and to a sharp economic downturn with a negative result of 4 billion NOK (around €429 million) in 2016, when its revenue was reduced by 70 percent.
Eurofound (2017), National Oilwell Varco Norway, Internal restructuring in Norway, factsheet number 91459, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91459.