Posted on 04/16/2015 3:40:04 PM PDT by Red in Blue PA
April 16 (Reuters) - Schlumberger Ltd, the world's No.1 oilfield services provider, reported a 38.8 percent drop in quarterly profit and said it would cut a further 11,000 jobs, blaming the fall in drilling activity, particularly in North America.
Net income attributable to Schlumberger fell to $975 million, or 76 cents per share, in the first quarter ended March 31, from $1.59 billion, or $1.21 per share, a year earlier.
(Excerpt) Read more at finance.yahoo.com ...
This trend is hurting me directly since our company sells sensors used in offshore oil exploration. No drilling, no need for further exploration. Our little company is severely affected. We were producing 500 sensors per month until last Dec. We’ve only produced 500 in all of 2015 with no orders on the books. Ouch!
That’s worse than ouch. One of my acquaintances owns a small machine shop whose work and headcount really escalated because of the oil industry. He is going through a heart wrenching experience now as he can no longer wait to begin laying off people, most of whom are older and very skilled at their task. He originally tried to hire some younger people and even offered free training but could find very few who were willing to learn and work hard. In a few years many with the necessary skills will no longer be with us or be able to work. Just so sad.
I work for SLB. It started a couple of days ago. Got my boss’ s boss today.
We will now see just how much the energy sector was propping up employment and the economy.
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