Schlumberger to slash 21,000 jobs as revenues plunge

FINANCIAL TIMES 🔒| Schlumberger, the world’s biggest oilfield services company, is to cut 21,000 jobs — roughly a fifth of its workforce — as the collapse of US shale production causes demand to dry up and sends its revenue into freefall.

The company, hit hard by the seize-up of North American drilling activity, said customers had “dramatically cut back” spending, sending revenues in the region down 58 per cent in the second quarter compared with a year earlier. This left overall revenue down 35 per cent.

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