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OFS - Streamlining effort will cost $1.2-1.4B, Schlumberger says - July 2020



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Schlumberger expects efforts to trim down its organization and headcount will cost $1.2-1.4 billion. While noting that Q2 decline was steeper than expected, CEO Olivier Le Peuch said the reorganization is an act of looking beyond the downturn. The core of the reorganization was announced to employees in May. Schlumberger’s current system of “GeoMarkets and sub-GeoMarkets teams” will be replaced with five “basins” groups: Americas land; offshore Atlantic; Middle East and North Africa; Asia;......
 
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