US Oil & Gas company Schlumberger has announced a further 10,000 job cuts in the US, and announced a revenue loss of over US$1bn in its fourth quarter statement for 2015.
The latest cuts are on top of the 20,000 cuts it has made since November 2014, meaning that the company has lost 26% of its original workforce.
Schlumberger’s customers are also cutting exploration and production (E&P) projects in response to the worsening oil markets, which dipped below US$30/bbl earlier this week.
In a statement, Paal Kibsgaard, CEO of Schlumberger said, “Negative market sentiments intensified in the fourth quarter, with oil over-production continuing and extending the bearish trend in global inventories. The worsening market conditions added further pressure to a deepening financial crisis in the E&P industry, and prompted customers to make further cuts to significantly lower E&P investments.”
This announcement will not impact on the Schlumberger’s plans to complete its purchase deal of Cameron international. The company spent approximately US$500m on technology acquisitions, and increased its net debt by US$160m last year.
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