January 9, 2009

Schlumberger to lay off 1,000

The Wall Street Journal reports:

Oilfield services giant Schlumberger Ltd. (NYSE:SLB) has begun laying off hundreds of workers in the U.S. and around the world in the first of what experts say will likely be a wave of job cuts in the energy industry.

Schlumberger, the world’s largest oilfield services firm by market capitalization, said Thursday that it plans to lay off about 1,000 workers in North America, about 5% of its workforce there. The company also is cutting some of its 65,000 overseas workers but said it does not yet have exact figures.

Halliburton Corp., Schlumberger’s largest rival, said Thursday that it also will be cutting jobs, but provided no details.

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