Oil field service firm Schlumberger released its full year results overnight revealing another 10,000 jobs cuts have been implemented, representing almost 10% of the company’s total workforce.
Schlumberger’s full year revenue of $35.5bn was down 27% year-on-year and alarmingly it posted a fourth quarter loss of $1.02 bn.
The announced job cuts are in addition to 20,000 jobs it had already cut during the year. The company said it “implemented another significant adjustment to our cost and resource base during the fourth quarter. This included a further workforce reduction of 10,000 employees, as well as greater streamlining of our overhead, infrastructure and asset base.”
Schlumberger cited continued weakness for the first half of 2016 and the further drop in oil prices for the cuts, and said is has prompted customers to make further cuts to already significantly lower E&P investment levels.
At the same time, the company also said it will launch a new $10bn share repurchase program with its shares having fallen almost 50% since mid-2014.
