WorleyParsons reports projected fall in revenue
Australia
CANBERRA, May 4, 2015 – Australian oilfield services company WorleyParsons has announced a projected A$125-million ($98-million) fall in revenue for the second half of fiscal year 2015 (July 1-June 30) as a result of expenses related to reduced workload.
The expenses will lead to a 50-percent drop in earnings for the second half of the 2015 fiscal year compared to the first half and stem primarily from redundancy and onerous lease charges, the company reported on Monday.
WorleyParsons said it would be cutting 2,000 jobs due to reduced workload since February resulting from the decline in global oil prices. The fall in demand for oilfield services was particularly strong in North America, the company reported.
According to Bloomberg Business, nearly 50 percent of WorleyParsons’ sales come from North America.
The company said it expects the cuts to save A$75 million- 100 million ($59 million-78.5 million) annually through fiscal year 2016.
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