Oilfield Services Giant Weatherford Appoints New CEO
Oilfield services company Weatherford will appoint Girish K. Saligram as its President and CEO effective October 12, 2020.He will replace the interim CEO Karl Blanchard who took the role after the previous CEO Mark A. McCollum left the company in June. Blanchard will resume his role as Executive Vice President and Chief Operating Officer.The U.S. based oilfield services giant said Saligram would also serve as a member of the company's Board of Directors. Saligram currently serves as Chief Operating Officer at Houston-based gas processing firm Exterran Corporation, a company he joined in 2016
Oilfield Services Employment Diving to 10-Year Low
Oilfield services sector is set to reach the lowest total workforce count in over 10 years, as a consequence of the COVID-19 pandemic, low oil prices, and cuts in spending by the oil companies."The oil market turmoil brought on by Covid-19 has led to lower-than-anticipated activity and delayed projects, forcing the industry to deploy cost-cutting measures. Rystad Energy analysis of the top 50 oilfield service (OFS) firms shows that staffing is set to reach its lowest level in more than 10 years, with the anticipated revenue per employee also declining towards the previous downturn’s level
Weatherford CEO Steps Down
U.S. oilfield services company Weatherford has said that Mark A. McCollum, President, Chief Executive Officer, and a director, has left the company, effective immediately. McCollum, an executive with four decades of experience in the oil and gas industry, joined Weathearford as CEO in 2017, having previously served as CFO at rival service company Halliburton.He will now be replaced by Karl Blanchard, Executive Vice President and Chief Operating Officer, and Christian Garcia, Executive Vice President and Chief Financial Officer, who will form the Office of the Chief Executive, reporting directly
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016.But April's historic price crash, which has left U.S. crude prices down 50% since January, put him and tens of thousands of oil service veterans out of work. The cuts have gone deep into the ranks of managers, taking seniority and skills
Report: Petrofac to Let Go 20% of Workforce
Oilfield services provider Petrofac is launching a redundancy programme that it expects will end up reducing staff numbers by 20% as it seeks to cope with plunging oil prices, according to a source and an internal email seen by Reuters.The Britain-based company, which said redundancies would be voluntary but could become compulsory if not enough people took up the offer, said it might also consider reducing base salaries by at least 10% for many employees."The oil price slump can be expected to have a considerable impact on demand for our services in the short and medium-term," Petrofac
Widespread Salary and Job Cuts at Schlumberger
Oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.Oil prices have plunged by more than 60% since the start of the year, prompting scores of oil and gas producers to slash spending on drilling and services. On Tuesday, U.S. oil benchmark futures were trading around $20.69 a barrel.The coronavirus pandemic has sharply cut oil demand, while top producers Russia and Saudi Arabia have pledged to pump full bore from April 1, flooding the market with new supply.Schlumberger said
