June 16, 2020 / 5:49 PM / a month ago

Schlumberger to take charge of up to $1.4 bln due to ongoing restructuring - CEO

June 16 (Reuters) - Oilfield services provider Schlumberger NV expects a charge of up to $1.4 billion due to its ongoing restructuring and related layoffs, Chief Executive Officer Olivier Le Peuch said at a conference on Tuesday.

Le Peuch said the restructuring, which will include cuts in the company’s product lines and a focus on just five key basins, is expected to permanently save about $1.5 billion in costs annually.

The one-time charges associated with the restructuring and headcount reductions will be between $1.2 billion and $1.4 billion, while additional costs will be also incurred from a “rationalization” of the company’s asset base that is ongoing, the CEO said. (Reporting by Shariq Khan in Bengaluru; Editing by Shounak Dasgupta)

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