Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/schlumberger-results-reveals-10000-jobs-cut.shtmlSchlumberger results reveals 10000 jobs cut
Schlumberger Limited reported results for full-year 2015 and the fourth quarter of 2015. Schlumberger Chairman and CEO Paal Kibsgaard commented,
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Schlumberger Limited reported results for full-year 2015 and the fourth quarter of 2015.
Schlumberger Chairman and CEO Paal Kibsgaard commented, “Full-year 2015 revenue of $35.5 billion decreased 27% year-on-year in line with upstream capex spending cuts that resulted in significantly lower E&P investment levels. North America revenue declined 39%, with land falling 45% while offshore was down 17%.
The decrease in land activity was the sharpest seen since 1986, as capex spending by North American customers declined by more than 40%. With the year-end US land rig count 68% lower than the 2014 peak, at less than 700 rigs, the massive over-capacity in the land services market offers no signs of pricing recovery in the short to medium term.
