Schlumberger Sees Red Ink and Axes 10,000 More Jobs
- Business & Finance
Oilfield services major, Schlumberger, has further reduced its overall workforce by some 10,000 employees, and booked a quarterly net loss in the three months ended December 31.
This brings the number of layoffs up to 30,000 together with previously announced job cuts this year.
The Houston-based company posted net loss of $1.02 billion, or $0.81 per share, on revenue of $7.7 billion, compared with a profit of $302 million, or 23 cents per share, on revenue of $8.5 billion in the year-ago quarter.
The revenue dropped some 39 percent year-on-year. Full-year revenue declined approximately 27 percent from $48.5 billion to $35.4 billion.
In the fourth quarter 2015, Schlumberger recorded a $530 million charge associated with these headcount reductions and its incentivized leave of absence program. Overall, the company has booked more than $2 billion in restructuring and asset impairment charges in the fourth quarter, or $1.46 per share.
Subsea World News Staff