Baker Hughes Announces Job Cuts After Record Revenues

Published at 05:14PM - 23/01/15

Baker Hughes, the third biggest provider of oilfield services after Halliburton and Schlumberger, has confirmed that several thousand workers will be laid off in Q1 of 2015 in response to the industry’s falling oil prices.

The company reported record revenues of $6.6 billion USD for Q4 of 2014. However, it has said that it anticipates lower customer spending in the face of ongoing price volatility. Kimberley Ross, its CFO, said that around 7,000 roles would be cut in Q1, with an associated one-off cost of $160-$185 million for redundancy payments.

Last updated on 12:15PM - 02/02/15