Halliburton cuts 6.000 jobs in 1Q 2016

Halliburton cuts 6.000 jobs in 1Q 2016

Halliburton, the world’s second largest oilfield services provider, laid off six thousand workers in the first quarter of 2016.

The company’s CEO Dave Lesar, said Halliburton was responding to the reality of the market, and “force-fit our employee headcount to available.”

Lesar said: “This provides sustainable structural savings without compromising our ability to add personnel to serve the market when it recovers. This included consolidating management roles across countries and centralizing support functions. This resulted in a workforce reduction of more than 6,000 during the first quarter.”

Since the downturn began in late 2014, Halliburton says it has reduced its global headcount by approximately one-third.

Halliburton on Friday posted revenue of $4.2 billion for the first quarter 2016, down from $7 billion a year ago, citing record low rig count levels in the U.S., and the lowest worldwide rig count since 1999.

The oilfield services giant is working to complete the merger deal with Baker Hughes, with the deadline set for April 30.

The proposed deal, valued at $35 million, has been hitting stumbling blocks as the antitrust authorities in the U.S., and EU are not convinced that the merger between the second and third oilfield services provider will not create a monopoly. The U.S. Department of Justice on April 6, filed a civil antitrust lawsuit seeking to block the merger, alleging that the transaction threatens to eliminate competition, raise prices and reduce innovation in the oilfield services industry.

If regulatory approvals are not obtained by April 30, the Halliburton and Baker Hughes may continue to seek relevant regulatory approvals or either of the parties may terminate the merger agreement.

 

Offshore Energy Today Staff

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