More Big Oil layoffs: Schlumberger axes 11K jobs

April 17, 2015 1:37 PM

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NEW YORK—The beleaguered oilfield services industry took another big hit Friday with Schlumberger announcing it would slash another 11,000 jobs. Schlumberger Chairman and CEO Paal Kibsgaard made the announcement in a press release announcing a first quarter profit decline of 29%.

"In spite of the detailed preparations we made in the fourth quarter, the abruptness of the fall in activity, particularly in North America, required us to take additional actions during the quarter," the statement read. "These included the difficult decision to make a further reduction in our workf...

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