logo
Plus   Neg
Share
Email

Schlumberger To Exit Marine And Land Seismic Acquisition Business - Quick Facts

While reporting its fourth-quarter financial results today, oil service provider Schlumberger Ltd. (SLB) said that it has decided to exit the marine and land seismic acquisition market and also turn its WesternGeco product line into an asset-light business following a review.

Schlumberger Chairman and CEO Paal Kibsgaard said, "With the significant changes seen in customer priorities and buying habits in recent years, we have also continued to evaluate the present and future return prospects for all of our product lines, as we look to maximize all aspects of the Company's long-term financial performance."

"Based on this in-depth analysis, the only product line that does not meet our return expectations going forward, even factoring in an eventual market recovery, is our seismic acquisition business," Kibsgaard added.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Delta Air Lines will resume non-stop flights between the U.S. and India next year, almost a decade after it exited the Indian market. The airline said Thursday that its decision to resume non-stop flights from the U.S. to India follows agreements between the U.S. and the governments of the United Arab Emirates and Qatar to address the issue of government subsidies provided to state-owned carriers. Mortgage rates continued their upward trend this week and hit a seven-year high, even as housing demand remained robust. According to data released Thursday by mortgage finance provider Freddie Mac, the 30-year fixed-rate mortgage rose to 4.66 percent in the week ending May 24, from 4.61 percent in the prior week and 3.95 percent a year ago. This is also the highest level since May 5, 2011. In a signing ceremony for a bill rolling back regulations on small and medium-sized banks, President Donald Trump suggested Thursday he would also consider cutting regulations on larger financial institutions. Trump claimed complex and costly regulations implemented following the 2008 financial crisis...
Follow RTT