Oilfield services company Schlumberger said it will continue to ‘adapt’ to the North Sea oil and gas industry as the oil price continues to stay lower for longer.
The company described the situation in the UK as “challenging” after revealing it had cut 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year.
Schlumberger said its workforce has been reduced by more than 25%.
A spokeswoman for the company said it continued to look at how to reduce overall costs on the UKCS.
She said: “The situation in the UK North Sea is challenging. We have seen reduction in activity level starting back in summer 2014. It has impacted our service lines differently both from a time and size point of view.
“We do not provide geographical details on head count reduction.
“We will continue to focus on what we can control to adapt to the UK market : reducing overall costs and also pursue opportunities with our partners and customers to reduce operating costs in this challenging environment.”
For the full year Schlumberger counted a net income gain of $2.1billion down more than 60% from $3.5billion in 2014.
Meanwhile revenues for the full year fell 27% from $48.6billion down to $35.5billion.
The company expects its acquisition of Cameron International to close by the end of March.
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