Hearing rumors that first round of layoffs are going to be happening all over North America after Q3 results come out in 4 days. Its not looking good. Stock price at $32. Sources say around 2000-3000 North American field personnel will be cut in the first round. Big Blue might be matching Big Red’s layoffs soon and may even exceed it.
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I work for Cameron. We were a good company before Schlumberger bought us.
Schlumberger has the singularly unique expertise to have absolutely no clue about manufacturing as shown by the recent $12bn write down of Smiths/Cameron.........and that is not the end of it by a long, long way....expect more horror stories shortly. PK paid far too much for the companies and the halfwits have kept him on as a......... consultant. You cannot make this up. Schlumberger is totally lacking in manufacturing cost analysis and the handy phrase 'Profit and Loss account' does not appear in the new Schlumbertrons training. Schlumberger cannot manufacture.....period.
SLB was a mess before Cameron. SLB is now copying Cameron's SAP and processes.
We all thought Cameron was unorganized, but damn SLB was way, way worse. SLB is so poorly run that Cameron is going to slowly take over and fix it.
The worst part is SLB does not seem to do any long term planning, nor do they care about actually being profitable. They just buy and sell companies without any regard to be profitable.
We all hope the new CEO will take a hard look at how SLB is screwing up the profitable companies they buy and then comes up with a plan to actually save SLB along with stopping SLB from destroying their acquisitions.
$12bn in write-offs. Given slb is only worth $44bn... Ouch. OLP was instrumental in executing PK strategies. Not sure how they all get away with this. 2-3 quarters they'll go through everything that's not making money and then some. It'll be a blood bath for mfg and anybody who is in it for the long term. But this way they will catch the bullschittas!
Need to dump CAM yesterday! Such a bad purchase. Too hard to integrate culturally, and just a poor add to SLB's portfolio.
When Kibsgaard took over so many said he would ruin the company, and boy were they right! And Stephanie Cox has timed it right to bail. Hope the coming months aren't as bad as 2014 - 2016. Good luck to all!
Cameron and Smith are going to get the axe HARD. Holy hell they contributed to 9B of impairment charges. Rest of the company performing to expectation
Comes as no surprise, my section was told that the last 12 months were going to be mega busy. We have had little work in all year and 'urgent orders' completed months ago are still showing as warehouse stock. Someone is telling huge fibs. The new CEO has already said about the huge changes coming soon .....https://uk.reuters.com/article/us-schlumberger-outlook/schlumberger-ceo-outlines-digital-strategy-plans-third-quarter-writedown-idUKKCN1VP2I1 but few of the Schlumbertrons have noticed.
Doesn't surprise me. My entire crew is on a 3 week LOA