Schlumberger (SLB) is reorganizing certain functions within its business and continuing workforce reductions, Reuters reported Tuesday, citing a source familiar with the matter and an internal email.

The company is establishing a new performance function, to be led by a newly appointed chief performance officer, overseeing areas such as security, operational integrity, and global business services, the media outlet reported.

The changes come as Schlumberger works on a cost-savings initiative and prepares for tepid growth this year, Reuters added, citing a source familiar with the matter.

Schlumberger did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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