Houston-based Schlumberger will issue five tranches of senior notes worth US$6 billion to help fund its pending $14.8 billion mega merger with Cameron International. Image from Schlumberger. Last week on 10 December…
Shell has cleared the final regulatory approval for its US$70 billion acquisition of BG Group, after receiving 'unconditional merger clearance' from the Chinese Ministry of Commerce (MOFCOM). This approval from China is the final regulatory…
Schlumberger has decided to “right size” its organization with another round of job cuts this quarter that will see the oil services giant incur an estimated restructuring charge of about US$350 million. Schorn…
The US Department of Justice (DOJ) has cleared the proposed multi-billion dollar merger between Schlumberger and Cameron International without any conditions, both companies announced in a joint statement on Wednesday (18 November). The…
The big four oil services companies released their 3Q 2015 reports this week and the news is a sign that things are not improving in the sector, and in particular in North America. However, globally, thousands more job cuts are expected. Halliburton…
Aker Solutions is set to cut 500 permanent positions in its Norwegian subsea business that the company is attributing to the continued slowdown of the market, adding to the nearly 200 job reductions the company announced earlier this year…
UK-based drilling specialist Archer reported a 22.5% drop in 2Q 2015 that will lead to cutting 700 jobs in its global workforce. Image from Archer. Revenue for 2Q was US$388…
US-based Chevron is cutting 1500 employees in its attempt to slash costs by US$1 billion, with Houston employees getting the majority of the job cuts. Chevron's Big Foot has seen delays this quarter…
The weak oil market is causing a restructuring at Wärtsilä’s Ship Power business that will result in rebranding the company and a loss of 600 jobs that will ultimately save Wärtsilä approximately US$43 million (EUR 40 million) annually. Image…
More woes for the Norwegian oil and gas industry as Statoil announced it would cut potentially 1100-1500 permanent positions and 525 consultants by the end of 2016. 'We regret the need for further reductions, but the improvements are…
Another round of job cuts are on the way as Aker Solutions and FMC Technologies move to reduce their workforces in Norway. Norwegian-based Aker Solutions said on Thursday (11 June) that it notified employees at its subsea services center in Agotnes…
Houston-headquartered engineering firm McDermott has made nearly 1700 job cuts following a review of the company's cost structure. The firm says 475 were cut up to March, through organizational efficiencies, which have helped save some US$27…
Oilfield services companies are putting a brave face on the continuing market downturn, despite some reporting shrinking order books. Subsea 7 and Fugro reported shrinking order books in their 1Q results this morning. Subsea 7’s…
International oilfield services firm Weatherford will cut another 2000 jobs from its workforce, taking the total number of planned job cuts to 10,000. Weatherford’s move follows Schlumberger announcing last week a further 11,000 job cuts…
Floating production and mooring specialists SBM Offshore is cutting 1200 jobs and relocating its headquarters from Monaco to Amsterdam, the firm announced this morning. SBM said: 'In light of market conditions and in order to optimize the company's cost base…
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