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Schlumberger Limited, one of the largest players for oilfield services in the world, has been forced to make certain changes in its operations in a bid to control costs as a strategy of responding to the free fall of the oil prices as announced by the Chairman and CEO, Paal Kibsgaard.
One of these changes is a further reduction of its labour force by 15% this year, which equals a layoff of approximately 11,000 people. In January alone, 9,000 people had be laid off.
The price fall from $107 per barrel in June to $54 per barrel (Brent) was just too significant and surprising to the company as to most other players as well (Crude Oil Brent price on April 27th, 2015: $64.77 per barrel)
Schlumberger was founded in 1926 by two French brothers Conrad and Marcel Schlumberger with headquarters in Houston and a presence in more than 85 countries employing 115,000 people worldwide!
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