Schlumberger Ltd. (SLB)

[roger wilco]

Schlumberger to cut North American jobs as land business slumps

Mar. 31, 2020 11:43 AM ET

Schlumberger (SLB +4%) says it will implement widespread salary and job cuts as it accelerates the restructuring of its North American land business to cope with sharply reduced revenue due to collapsing oil prices.

The company says it will implement job cuts and furloughs over the next two months based on business lines and location.

Executives will take voluntary 20% salary reductions beginning April 1, and worldwide support personnel will adopt modified schedules that result in lower salaries.

https://seekingalpha.com/news/3556871-schlumberger-to-cut-north-american-jobs-land-business-slumps