People | Service & Supply | Oilfield Services | Job Cuts / Downsize / Layoff
Schlumberger Slims Down Again; IDs $350MM in Further Job Cuts
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Service giant Schlumberger Ltd. plans to make further cuts to its workforce, according to a SEC filing dated December 1, 2015.
The planned cuts will amount to approximately $350 million.
The decline in drilling activity and spending by many E&P companies has impacted service companies like Schlumberger, prompting these mass workforce reductions.
The filing states that "[Schlumberger] announced that it will further reduce its workforce in light of expected reduced activity for 2016 and to streamline its support structure."
This comes shortly after Schlumberger CEO Paul Kibsgaard talked about "multi-skilling" in its 3Q15 conference call: "Now in terms of multiskilling, this is part of how we’re continuing to drive people productivity. There is many other aspects of what we do there, we have remote operations as another key part of this as well, where we can centralize much more of our expertise and have them oversee more jobs centrally rather than being at the well side as well."
This is the third round of job cuts for the company this year, which eliminated ~20,000 jobs between January and April.
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