National Oilwell Varco Inc. is cutting job for the second time this year, Reuters reported Aug. 20, citing two people familiar with the matter.
In its recent earnings call, the Houston-based oilfield services provider's Chairman, President and CEO Clay Williams said the company enacted a voluntary early retirement program in the second quarter and started to redesign several administrative functions to move the firm closer to a shared services model.
The sources told Reuters that the new round of layoffs is in addition to the job reductions.
One person told Reuters the new cuts are meant to eliminate redundant functions in the company such as marketing and recruitment. It is not immediately clear how many employees were affected.
