Schlumberger Lays Off 11000 More as Profit Drops

The Houston-based oilfield services major, Schlumberger, is slashing another 11,000 jobs as it fells the impact of downturn in oil prices and lower E&P spending.

In January this year, Schlumberger informed that the company had laid off 9,000 employees late last year, recording a $296 million charge associated with a headcount reduction.

In line with the previous announcement, this brings a total of 20,000 job cuts by Schlumberger in just a few months.

Schlumberger Chairman and CEO Paal Kibsgaard said that the company was forced to cut 11,000 more jobs, due to the fall in activity, leading to a total reduction of about 15% compared with the peak of the third quarter of 2014.

The company recorded a $975 million in first-quarter net income, down 39% from $1.592 billion in the first quarter of 2014.

Furthermore, Schlumberger’s revenue dropped 8.8% to $10.25 billion, compared to the corresponding period in 2014 and the company axed its 2015 guidance to $2.5 billion from an earlier estimate of $3 billion.

Subsea World News Staff

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