BIG BLUE the inept version of complete shite.What you are seeing here is not business as usual " just tough it out guys". What you are seeing is the results of corporate mismanagement, short-sightness and ineptitude on a colossal scale. In the 50 and 60's and 70"s the price of oil varied as well and for the most part was on the low side and there were no massive layoffs then. Mergers like this (SLB Cameron HAL BH) were not allowed to happen because anti-trust laws were enforced. Corporate management did not get massive stock options well in excess of their contribution to the company. This is an example of what you get when pay top management with stock options that they can cash in after a year. They no longer manage the company for the longterm benefit of all stakeholders(employees included) in the corporation but instead become stock speculators looking for a quick run up in stock prices so they can clean up and get out. In this case Schumberger's timing could not have been worse and when oil prices started going south they did not have the sense to back out of the merger. Then they did not have the basic management knowledge to realize that any time you change a system even for the better there is a period of inefficiency which reults in higher cost and less effectiveness and this is definately not the time for such a period. The employees of Schlumberger and Camreron will unfortunately pay the price of Schlumberger's executive incomptence in the near term and their customers will pay in the long term because of the loss of experienced employees in an industry in which experience is essential. I am tired of inept, overpaid and underworked CEO's, CFO's running this industry into the ground Paal Kibsgard said a month ago that the downturn is over( "People are our greatest asset"). He should be fired for his mental capacity of a 9 year old. I hope for those of you still in the patch that you survive another painful round of cuts. There will be more M&A in 2016 which means more cuts to come.
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Given the pretext of modern capitalism, its incentives, and its objectives, there should be no surprise when a big company like SLB it behaves as such in a business downturn. Most of us are aware of what we signed up for, or we have learned quickly by observation. What we are in today just is, and it just sucks.
Y'all do know the current layoffs are not related to the acquisition of cameron? This is simply a reaction to the business climate. Once the cam deal is closed the "synergies" will be identified and another $300k in year 1 savings (headcount reductions) will be identified. $600k to be identified in year 2. But expect cam to feel the brunt of that as SLB is the purchaser and not the purchasee.
SLB is the worst company to work for. Everyone is unhappy and literally have no work/life balance. SLB works you to the bone, robs you of your family life and health, abuses you for not meeting targets even after you work a 80 hour week, and then makes you redundant to save a few dollars which ends up as a bonus in the managers pockets for doing a mighty job during a downturn. I wonder whos going to do the work when the industry picks back up. Glade im no longer there, feel sorry for the nubes and pray for the friends who are still there working ridiculous hours so they can support themseleves and their families. God help us all.
Strongly believe in the above posts, very well written and it exactly describes whats going on. Most of the "don't do's" i learnt at SLB training courses, ive seen my supervisors and managers go against to make themselves look like they are doing a good job in the downturn at the cost of customer relations and long term experienced employees. The managers are digging SLB into the ground, whos enforcing the code of conduct? Blue Print? Pfft.
Totally agree with the analysis above, unless the company undergoes a massive rethink on how it treats people and moves away from the short term bonus culture and inept management it will struggle to perform in the real world.
It survives today only by buying out many well run smaller and very successful companies and then destroying their technical and business abilities by imposing its outdated, inefficient and bullying management practices upon them, ask anyone who used to work for any company before an SLB takeover, the evidence is clear to see.
Well said Sir ot Ma'am. Well said.
Cut CEO'S and all higher up in sugar land out of stocks. Things will go back to normal. They will focus on people instead of their pockets and big fat bonus.
Amen bro