Big Oilfield Services Companies Cut More Jobs

"We will continue to review our position as market needs develop," said the company, whose principal offices are in Houston, Paris and The Hague.

Halliburton said its reductions took place in Duncan, Okla. The company, which has corporate offices in Houston and Dubai, said it has frozen annual salary adjustments and also cut pay for executives.

Gene Schiels, a spokesman for Houston-based Baker Hughes, said that the company continues to monitor activity and "will make adjustments accordingly."

In trading Friday, Schlumberger shares fell 71 cents to $55.04, Baker Hughes shares fell 59 cents to $37.33 and Halliburton shares declined 32 cents to $21.20.