Industryweek 8609 Sch 3
Industryweek 8609 Sch 3
Industryweek 8609 Sch 3
Industryweek 8609 Sch 3
Industryweek 8609 Sch 3

Schlumberger Cuts 11,000 More Jobs as Earnings Fall

April 16, 2015
Schlumberger chief executive Paal Kibsgaard said the latest round of cuts was caused by a severe decline in North American land drilling and by reduced investment by oil companies overseas.

NEW YORK -- Oil-services giant Schlumberger said Thursday it would cut 11,000 more jobs as its first-quarter earnings tumbled after low crude prices forced it to cut drilling.

Schlumberger chief executive Paal Kibsgaard said the latest round of cuts was caused by a severe decline in North American land drilling and by reduced investment by oil companies overseas.

Thursday's job cuts were announced on top of 9,000 layoffs already planned in January. Schlumberger currently employs 115,000 around the world.

"In spite of the detailed preparations we made in the fourth quarter, the abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter," Kibsgaard said. 

"These included the difficult decision to make a further reduction in our workforce of 11,000 employees, leading to a total reduction of about 15% compared to the peak of the third quarter of 2014."

The oil services company, whose clients include ExxonMobil, BP and other major firms, took a $390 million charge in concert with the job cuts.

Earnings for the first quarter fell 38% from a year ago to $988 million. Revenues dropped 8.8% to $10.25 billion.

Copyright Agence France-Presse, 2015

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!