Oilfield services giant Schlumberger is to shed 9,000 jobs, about 8 percent of its workforce.
The cuts come as a result of lower oil prices and less exploration and production spending for the coming year.
Since oil prices began to fall last summer the company’s share price has lost 30 percent in value.
Schlumberger has been hit by a $472 m devaluation connected to the fall in value of the Venezuelan bolivar against the US dollar.
The industry as a whole fears many more job losses down the line.