Schlumberger Trinidad hard hit by downturn

One of Trinidad and Tobago's leading oilfield services company, Schlumberger, confirmed that the international economic crisis has affected its Trinidad operations more severely than its global operations.
"While it is a global situation, the situation in Trinidad is particularly worse," said Lester Bayne, Schlumberger's marketing manager oilfield services, Caribbean.

After the inauguration of its new and expanded operations facilities at La Romaine, South Trinidad, he said the economic situation, which Finance Minister Karen Nunez Teshira admitted was more serious than the government anticipated as a result of falling oil and gas prices, had dramatically impacted on the company's revenue.
"Our revenue area has been reduced dramatically, so obviously we have to go through various rounds of belt tightening," Bayne said.

He said the company, which has been doing business in Trinidad since 1933, is reviewing its short term measures as well as its long term business decisions. However, heassured that the company's long term business "remains to invest in the future business here."
Earlier in his address to the audience, consisting of oil and gas operators, including Robert Riley, chairman of bpTT, and energy specialist Dr Krishna Persad, Bayne said that the state-of-the-art facilities, which San Fernando Mayor Kenneth Ferguson formally opened, was tangible evidence of Schlumberger's commitment to that future and to "sustainable development."

Bayne said the company had already reduced staff, which he described as an absolute necessity. He said it was difficult at this point to say if there would be further staff cuts.
"But Schlumberger, being a global company, has the flexibility to transfer their employees abroad as well," Bayne added.

An optimistic Ivan Betancourt, president Venezuela, Trinidad and Tobago, for Schlumberger, in his address, said the company is going to be here for many, many years. He said the extension of its base has been set up to look towards the future.
"It is true we are facing tough times and may be going to face them for a while. This is not the first crisis we are facing, but we at Schlumberger are strongly convinced we got everything we require to come out stronger from this tough time that we are going in."