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Money News

Schoeller-Bleckmann cuts 40% of jobs in United States

The logo of Schoeller-Bleckmann Oilfield Equipment is pictured at its headquarters in Ternitz, Austria, March 08, 2016. REUTERS/Leonhard Foeger/File Photo

VIENNA (Reuters) - Austrian oilfield equipment producer Schoeller-Bleckmann (SBO) said on Thursday it cut jobs in the United States and secured new loans to navigate through the pandemic after bookings contracted 42% in the first half of 2020.

SBO, which generates a large chunk of demand for its drilling motors, circulation tools and repair and maintenance services in North America, cut its headcount in the United States by around 40%, it said. Its global workforce stood at around 1,200 per end-June, thereof nearly 500 in North America, which includes staff in Mexico.

SBO said it raised loans of 78 million euros ($92 million) as a precautionary measure in August.

The company confirmed preliminary figures of a loss after tax of 12 million euros on revenue of 185 million euros in the January-June period.

Its order backlog was 32% lower at the end of June than half a year earlier.

($1 = 0.8455 euros)

Reporting by Kirsti Knolle; Editing by Riham Alkousaa

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