Oilfield services company Weatherford International (WFT) has become the latest energy firm to announce job cuts with plans to lay off 8,000 workers.
The company said Thursday it will downsize its workforce as a way to reduce spending following a sharp drop in oil prices that has caused much of the industry to curtail investment and halt new drilling.
Weatherford’s cuts, the vast majority of which are targeted in Western Hemisphere, will amount to 15% of its employees. The company expects the cuts to save around $350 million annually, according to the The Wall Street Journal.
“We are ready to react swiftly to a dramatically changing landscape,” said CEO Bernard J. Duroc-Danner. He added that “Market conditions will be exceptionally harsh, especially in North America.”
The move comes as a slew of oil companies have cut jobs in recent weeks. A study released Thursday showed that the industry last 21,000 jobs in January. Schlumberger (SLB), Baker Hughes (BHI), Halliburton (HAL) and ConocoPhillips (COP) have slashed positions.
Watch more declining oil prices effect on the economy from Coins2Day’s video team: