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.
North Sea drilling company, COSL Drilling Europe, will hire 250 employees this fall, as two submersible drilling rigs are put back into service after being docked for some time. The rigs COSL Pioneer and COSL Innovator will be put into operation for petroleum companies Nexen Petroleum and Lundin Norway, respectively.
Acquisition of these new contracts entails a need for around 250 new employees, of which 70-80 will be employed in the British sector of the North Sea and the rest in the Norwegian sector. Owned by China Oilfield Services Limited, COSL Drilling Europe was established in 2005 and has its headquarters in Stavanger, Norway. Over the past few years, the company reduced its staff by a total of 400 employees. 230 were dismissed when COSL Pioneer was docked following the fall in crude oil prices (see previous case COSL Drilling Europe 2015 NO).
The company has been in contact with previously dismissed workers, of which 220 have expressed interest in returning to the company.
Eurofound (2017), COSL Drilling Europe, Business expansion in Norway, factsheet number 91889, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91889.