Category: Oil field services

Don’t suffer from “analysis paralysis” when making your next career move

That question, “now what?”, is a scary thing, because it implies uncertainty, and for some that implies failure.  More »

Nabors posts $891 million net loss in fourth quarter

The charges included a $612 million impairment the company booked on its older rigs.  More »

Dresser-Rand to cut 8 percent of its workforce

Diesel engine and gas turbine maker Dresser-Rand Group is cutting 8 percent of its 8,100-employee workforce around the world in coming weeks, it said Friday, trimming operating costs as falling crude prices have crushed profits in the oil service sector.  More »

Transocean could take only a week to shelve out-of-work rigs, execs say

Transocean reported a loss in the fourth quarter as it took a $992 million goodwill impairment charge on the sinking value of its drilling business and other charges, it said late Wednesday.  More »

A victim of the industry downturn asks for advice

This week I answer a reader email from someone who has unfortunately been caught up in the industry’s reaction to plunging oil prices.  More »

Halliburton exec: “Boom town” costs falling amid oil slump

The service costs associated with housing and feeding employees in remote locations like the Permian Basin in West Texas and the Bakken Shale in North Dakota typically skyrocket in boom times, Halliburton President Jeff Miller said.  More »

Tenaris to lay off 230 in Conroe

The company attributed the move to falling oil prices that have resulted in less drilling activity.  More »

Texas manufacturing sluggish as energy sector slows down

Manufacturing activity in Texas was flat for the second consecutive month in February, the Federal Reserve Bank of Dallas revealed in its latest survey on the sector.  More »

Texas oil tool companies cutting more than 1,100 jobs

Oil field service company Archer Ltd. says it’s cutting roughly 1,000 jobs, or 11 percent of its workforce, as it faces a sharp slowdown in drilling activity in the United States and the North Sea.  More »

U.S. rig count falls by 48 as market watches for signs of slowing output

This week’s count brought the number of active U.S. rigs down to 1,310, a figure that has plummeted by more than 460 compared to last year.  More »

Three more oil service firms cutting hundreds of jobs, wages

Oil field service companies have announced more than 40,000 layoffs and oil producers have cut more than 5,000 jobs so far.  More »

Technip, Aker Solutions to cut 2,100 more oil jobs

Executives at Paris-based oil equipment maker Technip told investors in a conference call the firm has cut 1,800 jobs in recent months, about 15 percent of which were contracted.  More »

Fluor wins new work, will hold steady on jobs amid low oil prices

Engineering and construction firm Fluor Corp.’s revenue fell in the fourth quarter, but its backlog grew faster even though oil companies and other customers are spending less amid low crude prices.  More »

Baker Hughes, Midland driller to cut 150 more Texas jobs

Baker Hughes and a driller in the Permian Basin added to the growing roster of laid-off Texas oil field workers Tuesday, announcing they plan to cut 150 jobs combined.  More »

Helix CEO: Producers canceling offshore contracts despite termination fees

The Houston offshore service firm probably won’t make deep cuts to its workforce of 1,600 to cope with the downturn in oil prices, its CEO said, but he acknowledged there “may be some opportunity.”  More »
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