Thread regarding Schlumberger Ltd. layoffs

Schlumberger Layoffs 2016

They will be evaluating their layoffs every quarter, probably for the next 12 to 24 months. Mandatory furloughs may be next in the next quarter or more layoffs. It's just that bad. If not for the furloughs, there would have been more layoffs this quarter. So it is a grim environment. You should plan accordingly as a family with that kind of uncertainty. Additionally, in a pulled to the side conversation I had with a my bosses bosses boss here in Houston, he warned me to know that things were very uncertain and nowhere through shaking out. He said that land based drilling is toast, they expect 50% of their land based clients to go under in the next 1 to 2 years, and even when prices come back, clients are ticked off and will be in no hurry to increase out put, buy rigs, use services, etc. Also, many of the competition is doing work for less then it costs to stay alive, so their days are limited with a business model like that. He said it was as if they had gone from making $750 million in one quarter, to $5 million, so the company was dealing with that kind of fiscal environment. It will be a difficult next 24 months, that is for sure. Some land based players are defaulting on their bond payments before they even make their first one. When you hear about acquisitions (like Spectrum), you have to understand that that money comes from a different source in the company, not from running operations coming in monthly and is earmarked in the month to month budget for building cost, electricity, and labor, etc. On a side note, when / if prices do come up in the future on oil, there could be a huge increase in the oil price when things improve, as many clients are cutting up their retired rigs for scrap and taking them out of service permanently. There is likely to be a huge shortage of equipment and a huge lag time if anyone orders it. You could see prices really get crazy in the oil market. Many clients are ticked off and and intend to really sink it to the consumer when the game goes back into gear. There is a lot of angry people in the oil business who felt blindsides by their political contacts.

by | Post ID:
15258 views | 20 replies (last )
Comment! It's anonymous! Reply to this post anonymously by submitting the form near the bottom of the page!

20 replies (most recent on top)

23+ Years - All year end reviews were either B's or A's with the most common attribute being "Knowledge of Work". Sent packing 6 years from retirement. No rhyme or reason.

by | Post ID:

Disgusting co where I spent 20 yrs. In the Dubai office you have to kiss Hr to keep your job.So disgusting ....

by | Post ID:

Get out and stay out that is the best way to do them because slumbersucks and they are a sinking ship for sure good luck guys u are going to need it in Tex

by | Post ID:

I have been with SLB for 20 years, worked hard and all my career was successful. I consider myself an experienced employee with above 100 different courses, MSc in petroleum engineering, I speak 3 languages,worked in 4 different segments within SLB. I'm sure the company spent more 500 k $ in training me only, however got released without reasons. I can tell you one thing there is no 5 people in my segment with my experience left behind. One of my previous managers met me recently and he said to it sad to see you out of SLB and I don't believe the company doesn't need your service!! .

I respect all my colleagues and managers, however, the lay off for many people is not done as it should be. I hope the big chief read this and do something about it to save the rest of good people. A lot of good people left already some of them are really heavy weight and this will affect the company's future performance no matter what the chief says. The ship is sinking chief!! are you aware??

by | Post ID:

Proved true

by | Post ID:

FREE AT LAST,FREE AT LAST,GOOD GOD ALMIGHTY I'M FREE AT LAST.

THANK YOU SCHLUMBERGER.

by | Post ID:

Just leave that stupid company and start a business. Best thing u can do for yourself.

by | Post ID:

Just got my termination letter 2days ago, after 8years of experiance in this company, Thank you Schlumberger

by | Post ID:

Human resources were very cold towards me true I got a severance check but there is politics on who stays and who goes.

by | Post ID:

I was with SLB, mostly in Africa, for a couple of decades. Pretty good company all in all. That said, I noticed local employees strike and shut down entire bases when they started to see these layoffs. This resulted in SLB laying off mostly expats in order to trim its employees. While some will argue about the benefits of local vs Expat workers, I would argue that it is a bad precedent overall.

by | Post ID:

a person close to me has been laid off . he has been working with the company for over two decades. schlumberger treats loyalty like shit.

by | Post ID:

19 years work for them, be laid off first and started processing, they did trap by asking transfer back to homecountry but i refused as chance to leave. They changed to tetmination with cause (refuse to return homecountry) to reduce most of benefit, any complain go to Slb Global Resources in Burmada. If anyone works for slb know that it is not misconduct, the last of the employee choice is resignation.

by | Post ID:

I worked for this company for 10 years and worked hard. My manager D. Ronan said that he was going to get rid of people when he first started, but he was unable to. Once he got the opportunity to get rid of those of us he did not like he did it. But I am sure his life sucks.

by | Post ID:

Have they sent the mi swamp racists back to the UK ? Those are one of those that take bribed in Houston and keep the people of their people safe and happy

by | Post ID:

Mama, don't let your children grow up to be petroleum industry employees...

by | Post ID:

Some of the top guys have gone from Aberdeen, so it's not all manual guys that are going.

by | Post ID:

If you have good connections where you are at you are safe. Upper mngs are safe and their people are safe and their people people are safe and their people people people are safe. It's time for you and you and you to update that resume and get out of that stinky company. Wake up people. Don't trust them it's a business and they only care about numbers not you. I got out ; laidoff after 4 yrs of hard work; and I got a better job now where people respect you of who you are and what you do not who you know and who is shielding you. Take that step and free your self. Will have a lot of quality time with your family.

JR

by | Post ID:

neewd to send rasicts back go where tgey czame rom thse mother fickers pos

by | Post ID:

Major E&P shares are making new lows day after day, Exxon, Shell, Chevron, etc. so they have no choice but tighten more. Slb CEO's timing is way off again this time when he called the bottom in the recent conf call. Let hope they stick to their words and not laying off more workers, enough pains already.

by | Post ID:

"There is a lot of angry people" - I'd say all people are angry

by | Post ID:

Post a reply

:

Related pages


epoch holding corporacle total employeesfnma stock ticker14 day weather forecast for calgaryhewlett packard indianapolismge energy incdekalb il mallskg stocktrizetto denverlufkin industries jobsapple store in altamonte mallchoctaw nation health centerblackbaud conviolittle caesars pizza stockmorgan stanley job cuts3m company maplewood mnfairchild corpanadarko apcpaycor login pagenational oilwell canadajcpenney loss prevention jobsxerox call center salaryl 3 greenville txcisco layoffexxonmobil houston txmethes energies internationalakorn pharmaceuticals salaryfurmanite stockjourneys south countytypical severance packageopenlink houston officemayfair mall apple storeapple store in crabtree valley mallcaterpillar mossvillekansas city dstbeach body santa monicawesco houstontiffany and co valley fair mallemory johns creek addressblackboard llcchase bank tampa locationslongmont seagateconsol energy coalpep boys speed shop locationsprofit.ndtv livesears glendale aztarget store eagan mnapb medical abbreviationst alexius medical center ndfnma tickerbecton dickinson ciovalero energy groupgerman deli southlakeapple store woodland mall grand rapidssaint francis hospital lynwoodibm blue pages indianeustar glassdoorlayoff targetapple store florida mall orlandobarnes and noble closing storescapital one layoffsbarnes and noble closing storessears in indiakohls murrietawestell incpulte homes jobsruby tuesday thomasville ncruby tuesday christiansburgheald college costge oil and gas houstonball corporation broomfieldraytheon jobs tucsonruby tuesday njkmart waite park mnindia mart bentonvillege power conversion india