Schlumberger cuts executive salaries, reduces workforce amid oil price crash

March 31 (Reuters) – Top oilfield services provider Schlumberger on Tuesday said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.

Executives will take a voluntary 20% salary reduction, beginning April 1, and worldwide support personnel will adopt unspecified modified schedules that reduce salaries. In North America, it will accelerate a restructuring that includes job cuts and furloughs over the next couple of months, a spokesman said.

Reporting by Liz Hampton, Editing by Franklin Paul

Leave a Reply