Oilfield services company Schlumberger has revealed in its latest results report the shedding of 16,000 jobs during the first half of 2016.
As part of his second quarter results commentary Paal Kibsgaard, chairman and CEO of Schlumberger, said: “As a result of the weakness in activity that will persist through 2016 as expected, we have made another significant adjustment to our cost and resource base, including the release of more than 16,000 employees during the first half of 2016 and a further streamlining of our overhead, infrastructure, and asset base.”
The company reported revenues of $7.2bn for the quarter, with the acquisition of Cameron contributing $1.5bn, while logging a $2.16bn loss.
