Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
WEC - Western Engineered Containment
Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy
WEC - Western Engineered Containment

STEP Energy Services cuts staff as Canadian oilfield spending slump continues


CALGARY — Another Calgary-based oilfield services company is reporting job cuts as activity in Canada slows due to lower oil and gas producer spending.

STEP Energy Services Ltd. says it cut 13 per cent of its administrative staff in early 2019 and has reduced field staff by 12 per cent since Oct. 1.

In a regulatory filing last year, the company indicated it had 1,120 employees at the end of 2017, most in Canada.

It added about 400 U.S. staff with its $350-million acquisition of Oklahoma-focused Tucker Energy Services Holdings, Inc., last spring.

Last month, Calgary-based Trican Well Service Ltd. said it had cut 160 jobs in the fourth quarter and, a few weeks later, producer Encana Corp. said it had cut its workforce by 15 per cent and ranks of executives by 35 per cent after closing its deal to buy U.S. rival Newfield Exploration Co.

STEP said the administrative job cuts it made would result in savings of about $4.1 million annually.

“Our outlook for Canada remains cautious as recent client budgets underpin a commitment to spend within cash flow,” said STEP CEO Regan Davis on a conference call on Wednesday.

“This is evident by a 30 to 35 per cent lower rig count in this quarter versus last year.”

The Canadian Press

ELM Inc.
ELM Inc.

 



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Alliance Borealis Canada Corp.
Millennium Directional
Kicker Video
U of C Executive Education
RAE Engineering
Stress Engineering
DRYAIR Manufacturing Corp.
John Brooks