Schlumberger Ltd. has said it plans on cutting 11,000 more jobs, in addition to the 9,000 job cuts announced in January, making for a total of 20,000 jobs – approximately 15 percent of its worldwide workforce.
The additional job cuts are a result of “the continuing weakness in the upstream oil and gas industry,” Felix said. “The abruptness of the fall in exploration and production activity has made sound management of our resources challenging – including the difficult decision to further reduce the size of our exceptional workforce.”
Schlumberger declined to release details of the reduction for any geographic region.
Reuters reported that Schlumberger expects a recovery in U.S. land drilling activity to be delayed and that the company’s reported revenue fell almost 9 percent in 1Q, which ended March 31.
“Reductions are part of our continual effort to match resources with demand worldwide,” Felix said. “We will continue to align our resources while delivering exceptional service quality to our customers.”
Schlumberger’s additional job cuts come at a time when several oil and gas powerhouses are reducing their workforce to deal with the global commodity prices. Halliburton Co. announced thousands of job cuts in February.
Source: RIGZONE, April 16, 2015