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Oilfield service firm National Oilwell trims staff amid industry slump

25 July 2019 01:23 (UTC +04:00)

U.S. oilfield supplier National Oilwell Varco Inc is trimming its workforce, according to people familiar with the matter, as oil and gas customers have cut spending on services and equipment, APA reports citing Reuters.

The company recently began offering voluntary early retirement to eligible employees, three people said. Any discussion of workforce cuts would be part of its second-quarter earnings call next week, said a spokesman for the Houston-based company, who declined to comment further.

Although global oil prices have rebounded from the market’s 2014-16 downturn, profits at the service companies that provide drilling and well-completion services have not recovered to the same extent.