Service & Supply | Oilfield Services | Job Cuts / Downsize / Layoff | Capital Markets | Impairment
Schlumberger Cuts Staff to Pre-Shale Boom Levels; Cites $3.4B Q2 Loss, $3.7B Impairment
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Schlumberger Ltd. has reduced its workforce to pre-shale boom levels in its latest round of job cuts, according to its Q2 report and call.
This comes after the company posted a $3.4 billion loss for Q2 2020. Additionally, Schlumberger reported an impairment charge of $3.7B for Q2.
The company noted that one out of every five jobs has been eliminated (a total of 21,000 positions) as of the end of 1H20.
Schlumberger's workforce was 105,000 strong at the start of 2020. With the latest cuts, its workforce has shrunk to 85,000 employees in the months since, a decrease of 19%.
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