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Schlumberger

Oil & Gas

Schlumberger to reduce its headcount further

Schlumberger is set to reduce its headcount further as it looks to streamline its costs amid a continued low oil price. The company said it would also be consolidating its manufacturing and distribution network as it does not expect a recovery in demand before 2017. Chief executive Paal Kibsgaard said the timing of a recovery in the oil price and an increase in oilfield services activity in combination with a more conservative spending outlook from customers has led to further action.

Oil & Gas

Oil flouts bottom-callers as Schlumberger sees pain lingering

Three months ago, the head of Schlumberger Ltd. thought the industry had seen the worst of the US oil rout. Now he’s not so sure. Chief Executive Officer Paal Kibsgaard said in July that a recovery might begin by the end of the year. That’s been delayed, Kibsgaard’s said in a statement Thursday as Schlumberger reported a 49 percent drop in third-quarter profit. The market is "increasingly challenging with activity expected to be reduced further," Kibsgaard said.

Markets

Schlumberger to buy Cameron in $14.8billion deal

Schlumberger has taken over Cameron in a $14.8billion deal. The company's chief executive said the move would create "new and broader" opportunities for Schlumberger in the current low oil market. Schlumberger told investors in June last year there needed to be a transformation in the technology delivered in order to outperform the markets.

Oil & Gas

Horse Hill analysis estimates more than 10 billion barrels of oil

UK Oil & Gas (UKOG) said an independent analysis by Schlumberger has estimated 10.9billion barrels of oil could lie within 55miles of the PEDL137 and PEDL246 Horse Hill licences. The estimate follows on previous calculations made by Schlumberger last month. The analysis also builds on the previous petrophysical evaluation of Horse Hill-1 located in PEDL137 near to London Gatwick Airport.

Oil & Gas

Schlumberger launches new seismic survey in Gulf of Mexico

Schlumberger has expanded its Gulf of Mexico seismic data portfolio by launching a new survey in the Campeche basin. The survey offshore will cover an area of 80,000sq km and will be carried out using two fleets of WesterGeco vessels. Maurice Nessim, president at WesternGeco, said: “Building on our experience in the US Gulf of Mexico, we are focused on collaborating with customers to understand and prioritize the hydrocarbon potential in the Mexican waters of the Gulf.

Oil & Gas

‘Frack now, pay later,’ top services companies say amid oil crash

Business is so tough for oilfield giants Schlumberger and Halliburton that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. It amounts to this: "frack now and pay later." The moves by the world's No. 1 and No. 2 oil services companies show how they are scrambling to book sales of new technologies to customers short of cash after a 60 percent slide in crude to $45 a barrel. In some cases, they are willing to take on the role of traditional lenders, like banks, which have grown reluctant to lend since the price drop that began last summer, or act like producers by taking what are essentially stakes in wells.

Oil & Gas

Subsea 7 creates worldwide agreement with OneSubsea

Subsea 7 has struck a deal with Cameron and Schlumberger company OneSubsea to develop and deliver integrated development solutions. The move means the establishment of a worldwide non-incorporated alliance between the two firms. Subsea 7 will work alongside OneSubsea to create development solutions through the combination of subsurface expertise, subsea production systems and susbsea processing systems.

Oil & Gas

Chevron and OneSubsea sign agreement to form joint subsea program

Cameron and Schlumberger company OneSubsea and Chevron have entered into an agreement to form a JIP (Joint Industry Program) to develop subsea systems technology. The subsea development program will try to address the technical challenges presented by high pressure, high temperature reservoir environments for the development of 20,000 psi subsea systems. OneSubsea will lead the JIP by completing a portfolio of technology development projects and managing the evolution of the require enabling technologies.

Oil & Gas

Schlumberger reduces headcount again as oil industry braces for next wave

Schlumberger Ltd., the world’s largest oilfield services provider, will eliminate an additional 11,000 positions in a sign the industry will undergo another round of job cuts as a result of tumbling crude prices. The latest announced reductions bring the company’s total to 20,000, making its workforce about 15 percent smaller than it was during the third quarter of 2014. Schlumberger had announced plans in January to eliminate 9,000 positions, in what was then the single largest cut in the industry.

Oil & Gas

Russia sets terms for Schlumberger’s Eurasia bid amid sanctions

Schlumberger Ltd. must satisfy a list of conditions, in part linked to sanctions, to gain approval for its $1.7 billion bid to buy Russia’s largest oil driller. Russia’s commission on foreign investment will meet the U.S. oil-services company to go through the conditions in the next 10 days, Igor Artyemev, head of Russia’s anti-monopoly service, said Thursday in Moscow. Schlumberger’s planned acquisition of Eurasia Drilling Co. comes as the US and Russia face off over Russia’s annexation of Crimea and its support for a separatist insurgency in Ukraine.

Other News

Schlumberger deal with Eurasia delayed

Eurasia Drilling has delayed a deal to sell a stake in the company to Schlumberger. The company said it was waiting for approval from a Russian regulator before proceeding. Both Eurasia and Schlumberger are continuing to cooperate with the Federal Anti-Monopoly Service (FAS) to respond to requests for information regarding the deal.

Markets

Schlumberger acquires interest in EDC worth $1.7billion

Schlumberger has reached an agreement to acquire a minority interest in Eurasia Drilling Company (EDC) worth an estimated $1.7billion. The company said the deal extends the long-term relationship they have shared since signing a strategic alliance in 2011. In connection with the agreement, the principal shareholder of EDC will take the company private.

Oil & Gas

Schlumberger to cut an estimated 9,000 jobs

Schlumberger Ltd. (SLB), the world’s biggest oilfield-services company, took a $1.77 billion charge in the fourth quarter as it prepares for an “uncertain environment” after the collapse in oil prices. Net income dropped to $302 million, or 23 cents a share, from $1.66 billion, or $1.26, a year earlier, Houston- and Paris-based Schlumberger said in a statement. The company will cut about 9,000 jobs, 7.1% of its workforce, as it anticipates lower spending by customers in 2015.

Oil & Gas

Schlumberger wins Mariner field contract

Schlumberger has been awarded a drilling contract on the Mariner field by Statoil and its co-venturers. The work will be delivered from the company’s Aberdeen base and it will be responsible for al number of services. A total of 22 drilling and well services are included in the scope, including a logistics support responsibility.