Halliburton has reduced its headcount by another 4,000 jobs, the company said.
The losses happened in the final three months of last year, as the firm looked to manage finances amid the oil price decline.
It comes after Schlumberger said it had reduced its headcount by 10,000 positions.
Halliburton said its global workforce had been reduced by 25%, with more job losses expected if the low oil price continues.
Chief executive Dave Lesar said: “2016 is shaping up to be one tough slog through the mud and the industry is going to have to take it a quarter at a time.
“The reality is: Due to the macro-uncertainties, many of our customers are managing their businesses in real-time, rig by rig.
“Accordingly, we are going to take this market week-by-week, and in some cases, crew by crew.
“This is unlikely to change until our customers have confidence in a sustainable and economical oil price.”
The company said despite its current challenges it remains committed to closing its acquisition of rival services provider Baker Hughes.
Halliburton reported net losses of £467.7million, compared with profits of £2.5billion the year before.
Revenue in the latest period totalled £9.6billion, down from £23billion previously.
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