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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

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