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Business

Schlumberger cuts more jobs on low oil prices

US-based oil-services company Schlumberger has announced more drastic layoffs as the firm struggles with low crude prices. The firm said it had to cut its drilling activities and would need to scale back investment.

The world's largest oil-services firm, Texas-based Schlumberger, reported Friday it would need to cut an additional 11,000 jobs. The news came

after low crude prices

forced the firm to reduce its drilling activities.

Chief Executive Paal Kibsgaard said the planned cuts were caused by a severe decline in North American land drilling and by reduced investment being made by overseas firms.

"In spite of the detailed preparations we made in the fourth quarter, the abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter," Kibsgaard said in a statement.

Dim outlook

As early as January, Schlumberger announced that 9,000 jobs would have to go, bringing the total to 20,000 or some 15 percent of the company's overall workforce.

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What are the consequences of the low price?

The firm's best-known clients include ExxonMobil and BP. Bottom-line earnings for the first quarter dipped by 38 percent to $988 million (916 million euros). Revenues dropped by 8.8 percent over the same period.

Schlumberger confirmed it had to take a $390-million charge in connection with the first wave of job cuts.

hg/uhe (AFP, Reuters)

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