Worldwide oilfield services giant Schlumberger Ltd. Has announced as a part of its fourth quarter results released on January 15 that the company has decided to cut 9,000 jobs companywide. Schlumberger has offices located in Houston, Paris, London and The Hague (Netherlands).
A company spokesman told the Houston Chronicle the cuts are “in response to lower commodity pricing and anticipated lower exploration and production spending in 2015.” The job cuts began in the fourth quarter and are expected to be complete sometime later this year. Overall Schlumberger employs about 120,000 worldwide. The 9,000 jobs that will be cut accounted for 7.5 percent of its entire workforce.
Schlumberger CEO Paal Kibsgaard said in a statement:
“In this uncertain environment, we continue to focus on what we can control. We have already taken a number of actions to restructure and resize our organization that has led us to record a number of changes in the fourth quarter. We are convinced that performance must now be driven by an accelerated change in the way we work through our transformation program.”
Despite a revenue increase of 7 percent for the full year, Schlumberger’s net income decreased 19 percent in 2014 to $5.44 billion.
You can read the full story in the Houston Business Journal by clicking here.