Posted on 04/21/2015 9:43:58 AM PDT by SeekAndFind
Baker Hughes Inc., one of the world's largest oil and gas service companies, said it will increase job cuts worldwide to 10,500, or about 17 percent of its total workforce. The Houston-based company said the cuts are necessary in order to weather a crash in North American drilling prompted by low oil prices.
Baker Hughes announced the additional cuts Tuesday (April 21) after reporting a $32 million loss for the first quarter this year. The company's first-quarter revenue was down 20 percent compared to the same period a year ago.
Earlier this year, Baker Hughes said it planned to cut its workforce by 7,000 positions worldwide. It made the decision to increase those cuts after reviewing first quarter results.
It was not immediately clear how the job cuts would impact Louisiana or the Gulf of Mexico region. A request for more information was pending with a Baker Hughes spokeswomen.
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