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Civeo cuts jobs amid oil slump

2014-12-30 15:56:48| Oil & Gas - Topix.net

Civeo Corp , which provides temporary housing for oilfield workers and miners, slashed its workforce on Monday and said revenue could fall by a third as slumping crude prices force oil producers to cut costs The warning adds jitters to the already-wary global oil market and highlights weakness in Australia's coal industry, one of Civeo's biggest markets which has been battered by low global demand for steel. Civeo suspended its quarterly dividend and said it has reduced its workforce in the United States, its smallest market, by 45 percent, and in Canada, its second-biggest market, by 30 percent.

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