Oil service provider Nabors Industries Ltd. (NYSE: NBR) announced it has cut about 5,500 jobs, more than 18 percent of its workforce on its first quarter earnings call.
The Bermuda-based operator with principal offices in Houston said it has laid off 41 percent of its US drilling segment employees and 26 percent of its staff in Canada. According to public filings the company had 29,000 employees worldwide as of last December.
Nabors CEO Anthony Petrello said in a written statement, “It has been a painful, but necessary exercise given the expected duration of this downturn.”
Earlier in the year, Houston-based C&J Energy Services Inc., merged with a Nabors business unit to form one of the largest production services firms in North America.
The new company renamed C&J Energy Services Ltd. (NYSE: CJES) will be based in Bermuda as well, with main offices remaining in Houston.
Nabors reported net income from operations for the first quarter at $124.4 million and adjusted net income was $58.3 million after excluding a $61.9 million after-tax net gain from the C&J Energy Services transaction.
The company owns and operates approximately 468 land drilling rigs across the world with 36 offshore rigs in the US and international markets.