Houston: Oil field service giant Schlumberger plans 11,000 extra cuts in its global workforce.
The Houston-headquartered firm had already announced 9,000 planned job cuts back in January, for a total of 20,000 layoffs this year, which would make a big dent in its worldwide workforce of around 120,000.
Schlumberger attributes the drastic cuts to the continued weakness of the exploration and production side of the industry because of the low price of oil.
But the company would not give a geographic breakdown of where the axe will fall.
According to Reuters, Schlumberger’s reported revenue fell almost 9% in the first quarter, ending on March 31.
The firm is not alone in making swingeing cutbacks in its workforce as several other major player in oil and gas extraction have had to make the same decision.
Schlumberger, founded in France but now US based, supplies the industry with services such as seismic acquisition and processing, formation evaluation, well testing and directional drilling.