Image courtesy of Archer Ltd.

Services player Archer Ltd. said Monday that it will cut about 1,000 jobs as upstreams curb drilling activity amid weak oil prices.

The cuts account for about 11 percent of the Bermuda-based company’s global workforce.

Archer employed about 8,800 people across its operations as of the end of December.

“The company continues to review its compensation, bonus and benefits plans in order to bring them in line with the current economic climate,” Archer said.

Further details about the lay offs have not been disclosed yet.

The company booked a fourth quarter continuing operations revenue of $603.7 million, up from $593.1 million during the third quarter, and took a net loss of $90.2 million, or 16 cents per share.

Archer also took a fourth quarter impairment charge of $58.9 million due to “the adverse market environment, with a sudden and significant drop in the price of oil, which has an impact on the demand and pricing for our services.”

The company reported a total annual  revenue of $2.3 billion for 2014, up over 10 percent from the previous year.


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