Schlumberger cuts 10,000 jobs as oil slump continues

Global oilfield services giant Schlumberger has cut 10,000 jobs over the last three months in wake of the oil price slump.

Confirmation of the job cuts came in a statement to the New York Stock Exchange late on Thursday, wherein the company posted its first quarterly loss in 12 years to the tune of $1.02bn (£710m).

The said cuts follow a headcount reduction of 20,000 earlier in 2015.

Group headline revenue fell 39% to $7.74bn. Schlumberger also announced a $10bn share buyback programme.

Chief executive Paal Kibsgaard warned there were "no signs" of an oil price recovery on the horizon.

"In anticipation of an extended activity weakness in the first half of 2016, we implemented another significant adjustment to our cost and resource base during the fourth quarter. This included a further workforce reduction of 10,000 employees, as well as greater streamlining of our overhead, infrastructure and asset base," he added.