Oilfield services provider Schlumberger Ltd. (SLB) Monday appointed Paal Kibsgaard as its Chief Operating Officer, effective immediately.
Kibsgaard will be responsible for the day-to-day management of the Houston, Texas-based company's worldwide operations, in addition to the Schlumberger technology organization--including engineering, manufacturing and product development. He will report to Andrew Gould, chairman and chief executive officer of Schlumberger.
Kibsgaard was previously President of the Reservoir Characterization Product Group, responsible for the management of the WesternGeco, Wireline, Drilling & Measurements and Testing Services product lines.
In the past, Kibsgaard held a variety of global management positions including Vice President of Engineering, Manufacturing and Sustaining; Vice President of Personnel for Schlumberger Limited; and President of Schlumberger Drilling & Measurements.
Earlier at Schlumberger, Kibsgaard was GeoMarket manager for the Caspian region after holding various field positions in technical sales and customer support.
Kibsgaard began his career in 1992 with ExxonMobil. In 1997, he joined Schlumberger as a Reservoir Engineer in Saudi Arabia.
Commenting on the appointment, Schlumberger Chairman and CEO Andrew Gould said, "Paal's track record, consisting of significant industry experience combined with technical and management roles within Schlumberger, gives me complete confidence in his ability to manage and grow all aspects of our operations. I look forward to working closely with Paal as we lead the company into the future."
Late last month, the oil field services giant reported a lower profit for the fourth quarter, reflecting a downswing in the Oilfield Services and WesternGeco revenues.
The company's fourth-quarter net income attributable to Schlumberger slumped to $795 million or $0.65 per share from $1.15 billion or $0.95 per share in the year-ago quarter. Quarterly revenues dropped to $5.74 billion from the previous year's $6.87 billion.
SLB is currently trading at $62.02, down $0.04 on a volume of 224,950 shares.
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