More layoffs in oil services space

OIL field services player Weatherford International has flagged increasing its job cuts from 10,000 to 11,000 while subsea specialist FMC Technologies is signalling that it will make more redundancies in forthcoming quarters.
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As part of its recent earnings coverage, Weatherford said it completed 97% of its previously targeted 10,000 job cuts. This target was also upwardly revised to 11,000 as the oil downturn continues with most of the new job losses expected in the US with support positions most vulnerable.

"Market conditions will not improve significantly in the balance of the year," Weatherford CEO Bernard Duroc-Danner said.

"There will be modest activity increases in North America and selected international geographies but these will not be material. In this environment, we expect to grow market share internationally and benefit from better operating economics in the US."

FMC Technologies, which announced plans to cut 2000 workers in February, will look to make more redundancies over the next few quarters according to chief financial officer Maryann Seaman in a recent conference call.

She said these job cuts, with the number unknown, will be more reflective of an anticipated "decrease in future-year activity due to delayed subsea project inbound".

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