Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping | Job Cuts / Downsize / Layoff
FTS International Execs Take Pay Cut, Furloughing Crews
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FTS International/ Frac Tech said it it taking the following steps to deal with the demand destruction we have seen in for frac services.
Actions that the company has taken to date include:
- Furloughing crews that no longer have scheduled work and related support staff.
- Reducing executive salaries by 25%, on top of a 15% reduction already in place for 2020.
- Rolling furloughs and/or reducing salaries/hourly rates for non-executive SG&A and manufacturing staff.
- Reducing stage bonuses and travel time pay for crews.
- Suspending bonuses to eligible SG&A staff under the company’s short-term incentive plan, except for the safety component.
CEO Michael Doss said: “Just over two weeks ago, our business was growing and we had a full frac calendar. However, in response to current conditions, many of our customers have already dropped fleets or will be dropping fleets over the next couple of months. Pressure pumping companies, like FTSI, are also giving price concessions that are expected to significantly reduce margins across the industry. Accordingly, we have initiated aggressive measures to reduce costs and position us for future success.”
Frac Fleets this week fell another 8 last week to end the week (3/20/2020) at 280 active fleets/crews.
Source : Shale Experts Frac Database, Compleltions Database, Frac Focus, Other
Related Categories :
Job Cuts / Downsize / Layoff
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