Schlumberger-Anton venture to reduce headcount

Hong Kong

AN oilfield service joint venture set up by Schlumberger Ltd and Anton Oilfield Services Group will fire some staff after the partnership failed to win enough contracts.

Sichuan-based Tongzhou IPM Services Co, set up in September 2012, will fire some employees to cut operating costs, said Wang Bo, Anton's Hong Kong-based spokesman. The move doesn't imply that Anton and Schlumberger, the world's largest oilfield-services provider, plan to shut the venture.

"We think the unit could still be competitive in the oilfield-services market if we improve efficiency, control cost and react more quickly…