Schlumberger announces more job cuts

Schlumberger announced another round of job cuts for next year adding to more than 10,000 redundancies this year because of falling oil prices.

The estimates for Job losses over the entire oil and gas industry now exceed 230,000. Schlumberger’s competitors Baker Hughes and Halliburton have laid off over 16,000 and 18,000 jobs, respectively, as total global rig count decreased 43 percent in October 2015 compared with October 2014.

The most recent three-week plunge in oil prices have led Schlumberger to readjust its recovery expectations as exploration companies shrink spending in the field. CEO Paal Kibsgaard said in October that the company also planned to cluster its sites into central locations to cut costs and prepare for conservative spending plans for 2016 even if crude prices begin to rise early.

The layoffs will cost Schlumberger $350-million in restructuring charges, according to the company’s regulatory filings.