All contractors will be told by end of this week to leave.
Townhall meeting to announce redundancies will be immediately after the bank holiday weekend
7 replies (most recent on top)
There's so many people leaving there they need to lay anyone off
Well it is now September any developments or was it fake news ?
No surprise. When I had the misfortune to work at the cell plant it was a total train crash.
No redundancies planned for SHTC in Q3
The top 5 institutional holders of Schlumberger stock, in ascending order, are as follows: CAPITAL WORLD INVESTORS with 100.1 million shares, VANGUARD GROUP INC with 99.02 million shares, BLACKROCK INC. with 85.41 million shares, STATE STREET CORP with 70.99 million shares, and DODGE & COX with 48.27 million shares. The managers of these funds must be planning a quick departure from this mortal coil.
Fake news
How can you be so sure? normally that is confidential information? although going by just two facts.
The first is the dire share price at $63.00 that being as near to rock bottom as you can get.
The second the oil price as they say low is the new normal
What options do SLB have to pay all those investors their dividends - that is investors who have seen their SLB assets drop by 25% in the last year and to some investors that will amount to $ millions. For example Vanguard own 32, 000 000 shares how much have they lost in 12 months? So if they have lost $20 per share then that gives a total loss of $ 640 000 000 in SLB stock - the pressure must be on Paal to deliver something. ALL FIGURES AND CALCULATIONS ARE ESTIMATES, just to support a point that a lot of money is involved and a few heads in SHTC will not be of any value compared to what the big investors have lost. Not in the eyes of big business that is.
The pressure must be on for a share buy back to raise the value of the stock or more redundancies to try to cut costs SLB do not have any other options.
So maybe you are right we shall know in September I guess.