Friday, March 20, 2009

Nabors Layoffs


Another 780 local jobs gone.

Blatantly copied and pasted From the Bakersfield Californian:

Oil services company warns of ‘mass layoff’

A Bakersfield oil services company has told local officials that it may have to lay off as many as 780 full- and part-time employees by June 16.

Nabors Well Services Co.’s warning of so many job cuts reflects widespread belt-tightening among local oil producers following a steep drop in crude prices since July.

In a letter dated March 12, Nabors said it may be forced to lay off workers if it cannot secure contracts for services rendered at four of its Bakersfield facilities — the ones on Earthmover Court, James Road, Pegasus Drive and Rosedale Highway.

“This mass-layoff may or may not be permanent depending on the (c)ompany’s ability to secure service contracts in the future from its clients and the general climate of the economy,” the letter reads.

The potential layoffs comprise, according to the letter:

• 580 equipment operators

• 90 supervisors

• 55 clerical administrative workers

• 30 mechanics

• 16 safety specialists

• 9 warehouse personnel

The company business development director listed on the letter would not comment on the record. He referred questions to a company official who could not be reached for comment Wednesday afternoon.

Nabors is part of an international oil services company based in Bermuda. Its Bakersfield services include drilling and maintaining oil wells.

Local well servicing companies experienced a boom in business last year as oil prices hit record highs, prompting a race to hire workers new to the field and retain those with experience.

But work orders have dried up since prices began heading south in late summer, leaving rig operators little choice but to cut back on labor costs.

Excalibur Well Services Inc., also based in Bakersfield, recently laid off as many as 100 full- and part-time workers, or about a third of the company’s work force, said Jim Tague, vice president of finance and planning for E & B Natural Resources, a sister company to Excalibur.

Tague said hiring at oil services companies will pick up if oil prices rise high enough.

“I am actually very positive,” he said. “I’m not sure (hiring would resume) within six months, but within one to two years I think that the oil price could firm back up to bring some activity” to local oil fields.

The Fed will need to print A LOT more money than they already are. Not that printing that money will do much good. The system is arranged to keep significant amounts of money away from those who need it most. Are they wrecking the currency in the hope that savers will spend it before it becomes Monopoly(tm) money?

Sorry, but I am having a difficult time with the pre-election campaign speeches that the American economy is "fundamentally strong". Really? Even Starbucks is closing down stores these days.

1 comment:

  1. dang we are goin broke we need jobs, in taft too. we all got laid off in key energy, damn its hard, ill just go and chill in mx.