Oilfield services company Schlumberger is planning to cut 10,000 jobs in order to reduce costs due to falling oil prices.
The firm reported a loss of $1.02bn or 81 cents a share, compared with a profit of $302m or 23 cents in the previous year. It plans to cut 10,000 jobs in the fourth quarter.
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The jobs cuts are in addition to the 20,000 redundancies announced by the company earlier in 2015.
Schlumberger Chairman and CEO Paal Kibsgaard said: "In anticipation of an extended activity weakness in the first half of 2016, we implemented another significant adjustment to our cost and resource base during the fourth quarter.
"This included a further workforce reduction of 10,000 employees, as well as greater streamlining of our overhead, infrastructure and asset base.
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"This led us to recognise in the fourth quarter $530m in pretax restructuring charges for expanding the incentivised leave of absence programme and reducing our workforce, as well as a largely non-cash $1.6bn pretax impairment charge for fixed assets, inventory write-downs, facility closures, contract terminations, and other asset impairments."
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By GlobalDataSchlumberger said that the prolonged decline in oil prices is leading to a financial crisis in the exploration and production industry (E&P), forcing customers to make further cuts to already significantly lower E&P investment levels.
