Maritime Jobs
Thursday, May 23, 2024

Widespread Salary and Job Cuts at Schlumberger

April 1, 2020

© Art Konovalov / Adobe Stock

© Art Konovalov / Adobe Stock

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 its executives will take a voluntary 20% base salary reduction, starting April 1, and worldwide support personnel will adopt unspecified "modified schedules" that reduce salaries, the company said in a statement.

In North America, it will accelerate a restructuring that includes job cuts and furloughs over the next couple of months, a spokesman said. The company had previously announced plans to reorganize its land-based operations in North America, including idling some 50% of its hydraulic fracturing equipment.

Schlumberger last week said it would reduce its 2020 capital spending budget by 30% due to the price crash, joining a host of major energy companies that have slashed spending amid the twin supply and demand shock.

Shares of Schlumberger were up 3.3% to $13.7 in morning trade, off 65.97% year-to-date. 

(Reporting by Liz Hampton, Editing by Franklin Paul and Dan Grebler)

SchlumbergerUnited Statesenergy

Featured Jobs

Ferry Maintenance Planner

GOLDEN GATE BRIDGE, HIGHWAY AND TRANSPORTATION DISTRICTLarkspur, CA, United States

Captain - Near Coastal

Texas A&M University at GalvestonGalveston, TX, United States

Damage Control Officer- Mixed Work Schedule

Military Sealift CommandNorfolk, VA, USA

Chief Steward

Military Sealift Command

Featured Employers

DEEP FRONTLINE SHIPPERS LTD

We are a Nigeria based marine company, we are ship owners of various vessels like Oil Tankers, Dredg

NOAA

Enjoy an exciting career with NOAA’s Office of Marine and Aviation Operations!NOAA is home to the na

GOLDEN GATE BRIDGE, HIGHWAY AND TRANSPORTATION DISTRICT

Based in San Francisco, the District consists of three operating divisions including Bridge, Bus, an

Atlantic Container Line

ACL is a specialized transatlantic carrier of containers, project and oversized cargo, heavy equipme