The oil market turmoil brought on by Covid-19 has led to lower-than-anticipated activity and delayed projects, forcing the industry to deploy cost-cutting measures. A Rystad Energy analysis of the top 50 oilfield service (OFS) firms shows that staffing is set to reach its lowest level in more than 10 years, with the anticipated revenue per employee also declining towards the previous downturn’s level.
Job losses related to the coronavirus pandemic are approaching the 100,000 mark for US oilfield services companies as layoffs continued to mount in July.
The coronavirus pandemic stung oilfield service company Halliburton with a $1.7 billion (£1.3bn) loss in the second quarter.
An Aberdeen North Sea rentals firm has been ordered to axe around 20 staff despite the firm showing increased profits during the coronavirus pandemic.
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
Oilfield services giant Halliburton fell to a $1billion (£804.5m) net loss in the first quarter of the year, warning it “expects a further decline in revenue and profitability” as 2020 goes on.
Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse.
Oilfield services giant Halliburton will “significantly reduce” its workforce in the coming weeks, according to chief executive Jeff Miller.
The first quarter of 2020 was a salutary lesson in how quickly long-term trends can be disrupted by current events.
‘Disgust’ as Bilfinger Salamis terminates workers without option for government’s coronavirus support scheme
Workers have said they have been “hung out to dry” and “abandoned” by Bilfinger Salamis after their jobs were cut without the option to use the government’s coronavirus support scheme.
French oilfield services firm TechnipFMC has announced a multi-million pound deal with BP in Angola.
Saipem has said it has “beat all targets” for 2019 after swinging back to a profit, slashing debt and achieving a record order backlog.
North-east job losses are thought to be “inevitable” if a potential merger involving two offshore giants takes place, a union boss warned last night.
A report out today from EY says “green shoots” of recovery in the UK oilfield services (OFS) sector are struggling to flourish.
Aberdonian entrepreneur Jim Shiach has sold oilfield services company Centrifuges Un-Limited to the family that previously owned supply chain giant Ferguson Group.
Everyone agrees that 2020 will be a critical year for energy transition, but how will things really play out? In the run-up to Christmas, Calash and Candour put their heads together over a glass or two of crude and have come up with 12 ‘golden’ moments for the energy market in 2020, some of which are extremely long shots.
Schlumbergers chief financial officer has announced plans to step down following the company's £9.3billion pre-tax loss in October.
As some of the North Sea’s private equity-backed players prepare themselves for public listings, 2020 is expected to be a “big year” for gauging the size of investors’ appetites.
Heavy impairment charges led Schlumberger to a loss of £9.3billion before tax in its third quarter results.
The recent oil price jump could create further momentum for service sector margins, according to Rystad Energy.
Lower oil prices will push the global service market into a recession in 2020 after three successive years of growth, according to Rystad Energy.
Dyce-based oil-well technology firm Plexus and a Newcastle valve maker have formed a joint venture to supply equipment North Sea operators are “crying out for”.
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
Expro has cash in the bank and is in good shape for “conservative growth” amid a recovery in its core markets, one of the oilfield service company’s bosses said yesterday.
In eras of high oil prices, operators have focused on bringing oil to market, with less consideration for the costs and risks they incurred.