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2014-12-03 21:20:00

SCHLUMBERGER CUTS FLEET

SCHLUMBERGER CUTS FLEET

Schlumberger , the world's largest oil services group, is cutting back its fleet for offshore geological surveys and taking an $800m writedown on the value of its ships, in the first significant cutback in the industry following the recent fall in crude prices.

The company also said it was cutting jobs, without giving a number, in response to lower oil prices and expected slower growth in oil exploration and production company spending.

Patrick Schorn , Schlumberger's president of operations and integration, said on Tuesday that the drop in the oil price had brought "a severe reduction in visibility in the short…

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Tags: SCHLUMBERGER, OIL, PRICES, HALLIBURTON, BAKER, HUGHES

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