Schlumberger announces 2,000 job cuts

Article by Staff Writer

SCHLUMBERGER, the world’s largest oilfield services company announced a further 2,000 job cuts for Q1 of 2016, according to media reports, due to a 16% fall in revenue.

The Texas-based company reported a 49% drop in profits to US$501m in its first quarterly statement for 2016. The announcement adds to the company’s downturn as it announced 10,000 cuts and over US$1bn of losses in Q4 of 2015.

Since November 2014, Schlumberger has cut a total a total of 36,000 jobs, equating to 28% of its global workforce.

Paal Kibsgaard, CEO and chairman of Schlumberger said: “During the first quarter of 2016, the decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis.”

Kibsgaard said the main reasons for the revenue decline are a drop in US land rigs, resulting in 25% loss in North American revenue, and a 13% drop in international revenue from budget cuts and activity disruptions.

Schlumberger’s merger with Cameron was completed on 1 April, one day after the quarter closed.

Article by Staff Writer

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