Two Houston-based oilfield companies have announced more job cuts on the horizon for Texas.
National Oilwell Varco and Cal Dive International will cut a combined 276 jobs this month, according to state regulators on Monday. Fuel Fix reported that Cal Dive, which filed for Chapter 11 bankruptcy protection in March, told the Texas Workforce Commission it is closing two facilities on August 31. Its Houston and Port Arthur location closings total 126 employee layoffs.
Over the next few months, National Oilwell Varco will begin the closing transition of its facility in Willis, Texas, sometime Mid-August. The company has stated that it will cut 510 jobs in the process. The firm stated that it had 63,600 employees at the end of last year.
According to Houston-based oil industry recruiter Swift Worldwide Resources, due to the unstable and low prices of crude, 176,100 jobs have been lost worldwide. The estimate rose by 10,000 in June and another 14,500 in July. Even worse, there’s no sign whatsoever that layoffs are over for the year. The industry can only hope that the worst is over.
Fuel Fix stated that Cal Dive International’s main operations involved sending manned diving vessels to offshore oil-production sites to help with maintenance and inspection. National Oilwell Varco builds blowout preventers and other equipment for the oil industry.