Oil services firm Archer expects to cut its costs by at least 10 percent through an 11 percent headcount reduction, as it adapts to a weaker market in the North Sea and the U.S., the firm said on Monday. Archer, which offers drilling and well intervention services, is especially hit by the downturn in the U.S. onshore market where the shale rig count has fallen by more than 500, or 30 percent, since the end of November. Archer expects this decline to continue through the first quarter and into the second quarter, it said on a conference call with investors. When asked if the firm’s North American revenues would drop at the same pace as the rig count, Chief Executive David King said that was a fair prediction, which would be “not far off”. The onshore shale rig count dropped dramatically after OPEC kept […]