Schlumberger axes 9,000 oil jobs

Swingeing job cuts have hit the workforce of global oilfield services firm Schlumberger. It announced yesterday it axed 9,000 jobs last year, around 7% of its original 126,000 workforce. Lowering its headcount would […]

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By Vicky Ellis

Swingeing job cuts have hit the workforce of global oilfield services firm Schlumberger.

It announced yesterday it axed 9,000 jobs last year, around 7% of its original 126,000 workforce.

Lowering its headcount would “better align with anticipated activity levels for 2015”, it said.

The company said the falling oil price was partly to blame for shrinking its revenue growth by 2%, or more than $1 billion. Over the year its revenue in 2014 rose 7% to $48.6 billion.

Alongside the “accelerating fall” in the price of oil, Schlumberger CEO Paal Kibsgaard pointed to “activity challenges” in Brazil, Mexico and China, “reduced spending” in deepwater, exploration and seismic activity, unrest in Libya and Iraq and international sanctions in Russia.

This morning the firm’s stock price was down 2.25%.