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2015-12-03 19:20:00

SCHLUMBERGER CUTS MORE JOBS

SCHLUMBERGER CUTS MORE JOBS

Oil service company Schlumberger (SLB.N) announced another round of job cuts on Tuesday, adding to 20,000 already this year, as low oil prices and a slowdown in drilling was expected to continue into next year.

The layoffs, which will incur a pretax restructuring charge of about $350 million in the fourth quarter, are the latest sign of continued pain in the oil industry as oversupply continues to weigh on prices and cut profits for even the largest companies.

The size, location and timing of the cuts were unclear.

"The latest leg down in activity…

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Tags: SCHLUMBERGER, JOB
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