News Wire — Oil field services provider Schlumberger NV expects a charge of up to $1.4 billion due to its ongoing restructuring and related layoffs, Chief Executive Officer Olivier Le Peuch said at a conference on Tuesday.
Le Peuch said the restructuring, which will include cuts in the company’s product lines and a focus on just five key basins, is expected to permanently save about $1.5 billion in costs annually.
The one-time charges associated with the restructuring and headcount reductions will be between $1.2 billion and $1.4 billion, while additional costs will be also incurred from a “rationalization” of the company’s asset base that is ongoing, the CEO said.
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- Reuters
