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Schlumberger looks to delist from London Stock Exchange

Schlumberger

Oilfield services giant Schlumberger has today stated its intention to delist from the London Stock Exchange (LSE).

The Houston-headquartered firm announced that it intends to apply to the UK Financial Conduct Authority and the LSE to request the cancellation of the listing.

Schlumberger said it had taken the decision because “only a small amount” of its trading is conducted on the LSE, citing administrative and ongoing regulatory compliance costs.

It said there is “no significant benefit to the company” in maintaining the listing.

It added that it does not expect the decision to negatively affect shareholders.

Schlumber will continue to be listed on the New York Stock Exchange (NYSE) and the Paris Euronext.

Schlumberger posted a loss of $10.1 billion in 2019 as a result of hefty write-downs on two past acquisitions and weakening demand for hydraulic fracturing services in the United States and Canada.

The company’s 2019 loss on $32.9 billion in revenue compares with a $2.2 billion profit on $32.8 billion in revenue in 2018.

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