Oil giants Baker Hughes and Halliburton are set to cut thousands of jobs.
The company made 1,000 redundancies from its eastern hemisphere operations in the fourth quarter last year.
The announcement comes after Talisman Sinopec said it would cut up to 300 jobs from its North Sea operations.
Halliburton’s chief operating officer, Jeffrey Miller, said it expected its headcount adjustments to be “in line” with its main competitors.
The company estimated there would be up to 7,000 redundancies.
Halliburton acquired Baker Hughes in a $35billion deal last year.
The workforce reductions are expected to take place in the first quarter of the year with Baker Hughes expecting a one-time severance of between $160million and $185million.
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