Schlumberger Cuts 10,000 jobs as Oil price Bend Maintains

Oilfield services large Schlumberger has cut ten,000 jobs within the last 3 months amid the plunge in oil costs.


News of the near-10% jobs cull came because the firm unveiled  a web loss for the last 3 months of $1bn - its 1st quarterly loss in twelve years.

Revenues fell thirty ninth to $7.74bn, with chief govt Paal Kibsgaard warning that there was "no signs" of Associate in Nursing oil value recovery on the horizon.

Schlumberger conjointly declared a $10bn share buy-back programme.

This news pushed the United States company's shares four wheel drive higher in late commerce. The stock value fell virtually 2 hundredth is 2015 as capitalist upset that customers were cancelling comes because the oil value tumbled.

The profit figures were higher than several analysts had expected, helped by serious cuts to offset the slump in oil costs.
The latest jobs cuts supplemental to the twenty,000 redundancies the corporate had already declared earlier in 2015.
Mr Kibsgaard warned that there have been "no signs of evaluation recovery within the short to medium term."