Schlumberger CEO Sees ‘Full-Scale Cash Crisis’ in Oil Sector

by David Wethe

Schlumberger Ltd. cut more jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn.

The global headcount dropped to 93,000 at the end of the first quarter with the reduction, Joao Felix, a spokesman for the company, said by e-mail. The company let go about 8,000 people in the quarter, and reclassified about 5,500 contractors as permanent workers, Chairman and Chief Executive Officer Paal Kibsgaard said Friday in a conference call with analysts and investors. One-third of Schlumberger’s workforce, or roughly 42,000, has now been cleaved off since the worst crude-market crash in a generation began in mid-2014.

Continue Reading at…