Schlumberger announces layoffs to 11,000 employees

(Photo: KHOU)

Oil services giant Schlumberger announced its laying off 11,000 employees Wednesday.

The layoffs will affect the company’s global workforce and come after CEO Paal Kibsgaard cited a “severe decline in North American land activity and associated pricing pressure,” as well as three quarters of sequential revenue decline of 19 percent.

The price of barrel just hit $56, the highest so far of 2015.

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