Schlumberger to lay off more employees, consolidate networks

Schlumberger plans to eliminate more jobs, along with consolidating the company’s manufacturing and distribution network to deal with current industry market conditions, according to Reuters.

The company has already cut approximately 20,000 jobs (15% of its workforce), and has not yet stated how many positions would be eliminated in this latest round.

In its third-quarter 2015 earnings statement, Paal Kibsgaard, chairman and CEO of Schlumberger, addressed the market outlook for oilfield services, noting that a recovery in the short term is not likely and that additional adjustments were likely.

“In light of conservative customer budgets for next year, we are therefore entering another period during which we will continually adjust resources in line with activity, as the recovery now appears to be delayed,” Kibsgaard said. “We remain focused on managing our cost base, and are further accelerating our transformation program to help offset the impact of lower service pricing.”

In August, Schlumberger reached an agreement to acquire equipment maker Cameron.

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