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…
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.