Halliburton Cuts 6000 Jobs in Q1

Oilfield services major Halliburton has reduced its workforce by more than 6,000 employees during the first quarter 2016.

Following this recent round of layoffs, the company has slashed it global headcount by approximately one-third since late 2014.

The company said its first-quarter revenue dropped some 40 per cent to $4.2 billion versus $7 billion same time last year.

Reportedly, by the end of the first quarter, Halliburton has closed, or is currently in the process of closing, over one hundred different service points worldwide.

“The actions during the first quarter were difficult decisions, but were the right thing to do for the health of the business, and to help mitigate the market reckoning facing our industry. We believe these actions present an opportunity for us to slingshot out of the recovery, with higher incremental margins than we have typically seen in other cycles,” said Dave Lesar, chairman and CEO.

Subsea World News Staff

 

 

 

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