Halliburton announces further job cuts

Offshore staff

HOUSTONHalliburton will be cutting another 5,000 positions worldwide, approximately 8% of its workforce, the company confirmed to Offshore.

The reduction is due to the current market conditions, rather than its proposed merger with Baker Hughes, which recently faced more delay from the European Union.

"We regret having to make this decision, but unfortunately we are faced with the difficult reality that reductions are necessary to work through this challenging market environment. We thank all impacted employees for their many contributions to Halliburton," a company spokesperson said.  

Companies have been shedding jobs and foregoing major project decisions as the industry tries to adapt to the weakest market it has seen in years. 

Halliburton also reportedly cut some 4,000 jobs in January, when crude was at its lowest point seen so far in 2016.  

02/26/2016

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