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Schlumberger axes 9,000 workers

schlumberger axes 9,000 workers 600

Oil and gas service giant Schlumberger (NYSE:SLB) announced that it is reducing its headcount by 9,000 due to “lower commodity pricing and anticipated lower exploration and production spending in 2015.”

The announcement was folded into the company’s year end.

“In this uncertain environment, we continue to focus on what we can control,” said Schlumberger CEO Paal Kibsgaard in a news release.

“We have already taken a number of actions to restructure and resize our organization that has led us to record a number of charges in the fourth quarter.”

Over the last six months the company has slid 30% to $81 per share.

Revenue was up 7% in 2014 compared to the previous year to $48.58 million.

The company recorded two impairment charges. Its WesternGeco marine seismic fleet was reduced by $590 million due to the carrying value exceeding the fair value. The vessels were acquired in 2007 as part of the purchase of Eastern Echo Holdings Plc. The company also declared a Venezuela currency devaluation of $472 million.

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