Schlumberger slashes 11,000 jobs in latest round of cuts

The Times Picayune ^ | 04/21/2015 | By Jennifer Larino

[SeekAndFind]

Schlumberger, the world's largest oilfield service provider, said it plans to cut its global workforce by another 11,000 jobs over coming months. Schlumberger has slashed its worldwide workforce by 15 percent total.

The company, which has headquarters in Houston, Paris and Hague, announced its plans last week, part of sweeping layoffs across the oilfield service industry as drilling rig counts in North American plummet amid low oil prices. Competitors Halliburton and Baker Hughes have also announced layoffs.

Schlumberger, which employed 126,000 worldwide at the height of oil prices last summer, did not provide specifics as to where layoffs would occur or how it would impact Louisiana or the Gulf of Mexico region. The company did not immediately return a call requesting further comment.

Schlumberger reported a 9 percent drop in revenue during the first quarter. Profits were $975 million, down 38 percent compared with the same period last year.

Schlumberger has plans to cut up to 20,000 positions worldwide, including the reductions announced last Thursday (April 16).

The Houston Chronicle reports oil service companies have cut more than 120,000 jobs worldwide as the oil slump turns up the pressure to reduce prices for rental tools and other equipment, sometimes by as much as 20 percent.

[lowbridge]

http://www.dailyjobcuts.com/

[BipolarBob]

Hope! and Change! The recovery continues, comrades!!

[factoryrat]

The current batch of oil field workers get the privledge of being kicked to the curb, just like their parents were in the 80’s, and early 90’s.

Like a lot of industries, it’s always feast or famine, no in between. Put away cash during the good times, so you can make it through the lean times.

[onedoug]

hussein administration very pleased.