Houston-based Frank’s International, LLC is the latest to announce cuts in its workforce due to the decline in oil prices.
Frank’s, a global oil services company that provides tubular services to exploration and production companies in offshore and onshore environments, plans to reduce its workforce by 400 to 600 employees, citing the “sudden and dramatic drop in energy prices and rig count that we have seen over the last seven to eight months,” Josh Grodin, company spokesperson, said in an emailed statement to Rigzone. He also said the reductions will be in areas and functions in which the company is experiencing the sharpest decline in activity levels. The company plans to discuss specifics during its upcoming 1Q 2015 earnings conference call.
“Frank’s Intl. remains committed to safely providing our customers with the equipment and services required to allow them to access their most challenging oil and gas reserves,” said Grodin.
Frank’s entered into a definitive purchase agreement March 11 to acquire Louisiana-based Timco Services, Inc. The acquisition is scheduled to close the second quarter of 2015.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you