Baker Hughes says it’s laying off about 7,000 workers.
Yesterday, the oil services giant announced a $6.6 billion revenue for the fourth quarter, a record for the company. But Chairmen and CEO Martin Craighead said he expects sales to go the same route of the plunging price of oil.
“While market demand ended up being more resilient in the fourth quarter than many had predicted, the recent declines seen in rig counts will clearly affect results in 2015. We are taking proactive steps to manage the business through these challenges, and we are well positioned financially for the months ahead,” stated Craighead.
The company doesn’t know where workers will feel the impact. One analysts who spoke to the Calgary Herald said Canadian operations make up about 4 per cent of its work globally, so up to 400 jobs could be cut in the country.
Baker Hughes provides services in drilling and evaluation, completions and production, and fluids and chemicals.
