Oil services company Schlumberger yesterday said it was firing 9,000 workers due to the plunging oil prices that have forced petroleum companies to cut drilling budgets. Schlumberger disclosed the job cuts as it reported sharply lower fourth-quarter earnings in the wake of a more than 50 percent fall in oil prices since June. The job cuts account for about 7.5 percent of Schlumberger's global workforce. Schlumberger's fourth-quarter earnings came in at $302 million, down 82 percent from the level it was a year ago. Revenues rose 6.2 percent to $12.6 billion. The big drop was due to $1.8 billion in a series of one-time charges related to the steep fall in commodity prices. "In this uncertain environment, we continue to focus on what we can control," said chief executive Paal Kibsgaard. "We have already taken a number of actions to restructure and resize our organization that has led us to record a number of charges in the fourth quarter."
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Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University
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