Schlumberger job cuts to hit 20,000

SCHLUMBERGER will cut an additional 11,000 jobs – bringing its total purge this year to 20,000.

In January the oil field services giant announced plans to cut 9000 jobs. The additional cuts to 20,000 mean that Schlumberger is shedding 15% of its workforce this year.

The move comes as revenue fell about 9% to $US10.25 billion ($A13.2 billion) for the March quarter, and net income slumped nearly 39% to $975 million.

Most jobs seem likely to occur in North America with Schlumberger's revenue falling 12.5% in this region compared to the 9% average.

"The significant reductions in exploration and production spend are starting to impact supply in both North America and internationally, and supply is expected to tighten further in the second half of the year," Schlumberger CEO Paal Kibsgaard said.


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