Schlumberger Limited. (NYSE:SLB), an oil field service company, has announced that it will be laying off 11,000 employees.
The Schlumberger layoffs were announced by CEO Paal Kibsgaard. Kibsgaard said that the job cuts were the result of decreased activity during the quarter. He noted that profits were down 29% as well, reports USA Today.
The 11,000 job cuts announced by Kibsgaard are in addition to the 9,000 job cuts recently announced by the company. It was noted that this will result in a 15% drop of its workforce when compared to Q3 2014, USA Today notes.
“It makes me wonder how much more fat is there to cut beyond what they already did,” Stewart Glickman, an analyst at S&P Capital, told FuelFix while talking about the oil field service industry. “I don’t know there’s a lot of easy pickings in terms of supply chain improvements. If you really need to lower your cost base, you need to roll the dice and use fewer people and hope you’ll get good people again.”
More From InvestorPlace
