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Another oil major fires 10,000 employees

"Abrupt cancellations" lead to losses totaling billions and massive layoffs at the world's largest oil service company, which has let more than every fourth employee go in just one year.

Photo: AP Photo/Ronald Zak

Shell announced earlier this week that the company will lay off 10,000 employees, and a similar message has now landed from Schlumberger, the world's largest oil service company, reports Financial Times.

This statement comes on the heels of the company's fourth quarter interim report, which noted a loss of USD 1.02 billion after the revenue went down by 39 percent year-on-year to USD 7.79 billion. The layoffs and the weak financial report can be explained by many "unplanned, abrupt" cancellations, where the number of rigs for exploration in the US shale oil and gas market has gone down by 68 percent since 2014.

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