A restructuring plan at oil-field services giantSchlumbergeris expected to cost more than a billion dollars as the company lays off more workers and further writes down the value of its assets
Schlumberger is aligning its 17 product lines into four divisions and restructuring its global organization around five oil producing areas. The reorganization and other moves are expected to save the company $1.5 billion per year.
Those structural changes and related layoffs are needed to survive the industry downturn but expected to cost the company up to $1.4 billion, Schlumberger CEO Olivier Le Peuch said during a Tuesday morning virtual presentation for the J.P. Morgan 2020 Energy, Power & Renewables Conference.
“We will incur cash costs of a…
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