Canada's STEP Energy Cuts Administrative Staff
Canada-based STEP Energy Services, Ltd. has reduced its workforce by 13 percent, the company announced Wednesday in its fourth quarter 2018 and full-year 2018 earnings report.
The staff reductions, which come after the company implemented a hiring freeze in the fourth quarter of 2018, affected its administrative staff positions.
The workforce reductions and the hiring freeze are expected to save STEP Energy about $4.1 million annually.
Another 12 percent of field staffing positions have also been cut since the end of third quarter 2018.
“Reduced customer activity levels have required us to right-size our asset base and reinforce processes to reduce costs across the organization; sadly, this includes sending some of our professionals home,” STEP Energy CEO Regan Davis said in the company’s earnings report.
STEP Energy Services is an oilfield services company founded in 2011 and provides coiled tubing and fracturing solutions to Western Canada, South Texas and Louisiana.
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