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World's oilfield-services leader cut 9,000 jobs due to low oil prices

World's biggest oilfield-services company Schlumberger Ltd. plans to cut 9,000 jobs in 2015 as it prepares for an "uncertain environment" due to low crude prices, the company said in a statement on January 15. The 7% job reduction will give Schlumberger a $296 million write off.

"In this uncertain environment, we continue to focus on what we can control. We have already taken a number of actions to restructure and resize our organization," said Schlumberger Chief Executive Officer Paal Kobsgaard in the earnings report.

Investment Management Company Cowen & Co reports that energy companies are expected to cut spending in the US by as much as 35% to cope with a sharp oil price decline in the last three months of 2014.

Schlumberger 4th quarter earnings totaled $302 million, which is 82% less than for the same period of 2013.

[Source: Itar Tass, Houston, 16Jan15]

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small logoThis document has been published on 19Jan15 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.