Halliburton said it was making the “tough decisions” needed to ride out the oil price storm, including cutting employee benefits.
The firm, which posted a loss of $28million in the final quarter of last year, told employees it would be reducing its contribution to their 401k plans.
The company will match up to 5% of an employee’s contribution, but has stopped contributed a historical additional 4% at the end of the each year.
The firm will also begin another year of base salary cuts for top executive and senior managers as well as stifling their bonus scheme.
President Jeff Miller said: “We’re doing all that we can to preserve jobs.
“Tough decisions have been made recently and since we’ve started this downturn.”
The confirmation comes on the same day Amec Foster Wheeler revealed it would be curtailing its UK pension scheme as a means of cutting costs.
The firm also said it had earmarked a group of assets for sale as it tries to balance the books. Read more here.