The world’s second biggest oil services company, Halliburton, has announced the company is cutting 1,000 jobs in its eastern hemisphere offices as a result of tanking oil prices.
The layoffs comprise 1.25 percent of Halliburton’s workforce, which is about 80,000 employees total.
Spokesman Chevalier Mayes told AFP, “The decision to eliminate jobs is never easy. Our talented workforce is the foundation of everything we accomplish. Yet, we believe these job eliminations are necessary in order to work through this market environment.”
Halliburton’s chief financial officer Mark McCollum told investors, “We are right now anticipating a restructuring charge in the quarter, probably to the tune of about $75 million, as we trim out some headcount and activities around the world.”
Jobs in the Americas will not be affected as the layoffs are taking place in Europe, Asia, Africa, the Middle East and Australia, as a direct result of oil prices free-falling 44 percent since June.
The move to cut 1,000 jobs comes in the midst of Halliburton’s acquisition of Baker Hughes, a $34.6 billion deal.