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.
The independent oil and gas group Neptune Energie announced the closure of its French subsidiary in June 2020, which will result in the loss of 110 jobs. The first departures of employees will take place after the summer of 2019. Neptune Energie took over the Engie Group's oil and gas exploration activities in 2018, with a commitment not to cut any positions until May 2019. The 110 positions concern support functions, international project supervision teams or geoscientists. Some of the functions will be transferred to the other subsidiaries in London or the Netherlands. Neptune Energie justifies its decision with a new economic model that aims to concentrate its activities in countries where the company has exploration and production assets, which is not the case in France.
Neptune is held by the Anglo-Saxon funds CVC and Carlyle and the Chinese CIC. The number of employees in this activity fell from more than 300 in 2016, when it belonged to Engie, to less than 160 at the beginning of 2018, at the time of the sale.
Eurofound (2019), Neptune Energie, Merger/Acquisition in France, factsheet number 97801, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97801.