9,000 workers have lost their jobs at Schlumberger the largest oil and gas services company globally.

The cut will see a reduction of around 7.5 percent of its workforce around the globe as both petroleum prices and oil company spending nosedive.

The company said Thursday that the falling price of oil is the cause. It also expects to slash spending on future exploration and production.

Schlumberger’s profits fell 82 percent in the fourth quarter as it wrote down $1.7 billion in assets. It said it recorded a $296 million charge related to its headcount reduction.

A spokesman for Shlumberger said that the cuts started in the 4th Quarter of 2014 and will continue until the end of the year.

Schlumberger have not released details of exactly where the majority of the cuts will take place but Oil and Gas People understands that they will effect most of their business units and operating locations globally with around 100 North Sea jobs affected

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