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Oilfield services giant, Schlumberger yesterday recorded a first-quarter loss attributed to $8.5 billion in charges, as customers ramped up spending cuts amidst falling oil prices. The firm reported a whopping $7.38 billion in first-quarter net loss, compared with a profit of $421 million a year earlier. The bigger chunk of the $8.5 billion charge to earnings came due to writing down assets in response to the declining oil business.
Wellbore Integrity Solutions (WIS) has concluded the acquisition of Schlumberger’s fishing & remedial division, DRILCO and Thomas Tools. WIS has acquired businesses and assets in 16 countries initially and expected to close acquired assets and businesses in 9 other regions in coming months, “Today marks the first day of bringing the WIS vision to a reality,” says David MacNeill, President and CEO, WIS.
Smith Bits, a Schlumberger company has introduced a new technology that will enhance the quality and efficiency of the bits. Aegis armor cladding of Smith Bits will improve bit's body design and erosion resistance. It will also increase rate of penetration and bit durability for longer runs. “Our new armor cladding technology combines innovative materials science with an electron-beam additive manufacturing process”, said Schlumberger's President of Bits & Drilling Tools.
World’s largest oilfield services firm, Schlumberger has entered into a strategic collaboration with IHS Markit, through its geophysical data solutions division WesternGeco. Through the collaboration, the firms intend to consolidate their data, technology and experience in exploration and production (E&P) and enable access to it through the GAIA digital subsurface platform. The GAIA platform was launched by WesternGeco and is powered by the DELFI cognitive E&P environment.
Oilfield services giant, Schlumberger has entered into a strategic collaboration with TGS on a new 3D seismic reimaging project. The project will see the reimaging of data from three overlapping seismic surveys across 3,600 sq km. Evidently, the seismic reimaging data is the only available 3D data in this area of the Red Sea. TGS and Schlumberger will deploy their proprietary geophysical services product line, WesternGeco on the project.
Olivier Le Peuch, the new CEO of Schlumberger, yesterday outlined his vision for the firm at the Barclays CEO Energy-Power Conference in New York. He vowed to withdraw from unprofitable businesses, rearrange some units and laid emphasis on returns. Peuch also cautioned towards a sizeable, non-cash charge to write down assets in this quarter. Analysts and investors are looking at Peuch to navigate Schlumberger through the new era of digitalization.
Schlumberger has been awarded a 20-year subsea equipment and services master contract by Chevron. This contract is for subsea development projects in the Gulf of Mexico. Innovative technologies will also be included in the OneSubsea custom catalog of equipment. “We look forward to continuing our technology collaboration with Chevron to optimize project efficiency and reduce cycle times in its future Gulf of Mexico subsea projects", said OneSubsea's President.
World’s largest oilfield services firm, Schlumberger yesterday released its second-quarter earnings, posting $8,269 million in total revenues. Schlumberger’s revenue remained almost the similar from the same quarter in the previous year. The oilfield service giant’s second quarter earnings climbed on the back of the contributions from drilling operations in the international markets.
The industry's major service provider, Schlumberger has introduced a revolutionary advancement at the 81st EAGE Conference & Exhibition. GAIA digital exploration platform is the recent development at the company which will allow exploration teams quick discovery and access to basin-scale data. Maurice Nessim said, “We developed the GAIA platform to accelerate our clients’ data discovery, screening and ranking of their exploration opportunities".
A strategic collaboration has been announced between oilfield service firm Schlumberger and survey service firm TGS. This is to assist multi-client ocean-bottom node projects in the deepwater Gulf of Mexico. Under the agreement, TGS will work with Schlumberger's geophysical services company WesternGeco. CEO of TGS informed that "We are working closely with our clients to plan future phases and are excited by the potential growth in exploration and production activity,”.
According to the reports, the Khobar-based Arabian Drilling Company (ADC) is ready to acquire the drilling business of Schlumberger in Saudi. Arabian Drilling Company is an alliance between the Industrialization & Energy Services Company which is a Saudi Joint Stock company and Services Petroliers Schlumberger S.A. Further, the ADC website confirms that Services Petroliers Schlumberger owns the rest 49 %.
World’s largest oilfield services company, Schlumberger has inked an agreement with Russian state-run Gazprom Neft for technological cooperation in well logging. The two sides will join forces to integrate the latest logging technologies into the expert geophysics company. The oilfield services giant will offer engineering support to its partners and train staff of the operating units of the company.
World’s largest oilfield services provider, Schlumberger has been reportedly seeking a number of deviations from the original bidding norms of the ONGC tender for the Geleki field. Sources familiar with the matter revealed that the US-based firm is projecting a decline of 26-27% in base production in upcoming years. Schlumberger is seeking several deviations in tender norms for instilling technology to hike output over the reduced base production.
Oilfield service giant, Schlumberger and Rockwell Automation have inked an agreement to establish a joint venture, Sensia. The first fully integrated digital oilfield automation solutions provider, Sensia will offer its users scalable, cloud and edge-enabled process automation. The deal is expected to close soon, and the JV will begin operation, in the summer of 2019. While Rockwell Automation owns 53% in the JV, Schlumberger possesses 47% interest in the partnership.
Qatar Petroleum is planning to reduce its dependency on imports and increase its domestic production. In order to fuel up its local energy industry, the firm has signed a preliminary deal with Schlumberger and Baker Hughes worth $2.47 billion on Monday. The initial agreement will involve investment in production facilities, training and development. Qatar is strategizing to boost its LNG production by 43% by 2023-24.
The stock price of oilfield services giant, Schlumberger has plummeted by more than 40% in the last few months. While the market cap of Schlumberger is more than double of Halliburton and Baker Hughes’ combined, its annual revenue has dropped significantly. The firm is currently trading with a P/E of 18. However, Schlumberger has managed to have an incredibly strong performance, particularly from its turnkey solutions.
Oil services major, Schlumberger yesterday reported a £116 million growth in profit to £603 million. Total revenue for the firm climbed from £6bn in 2017 to £6.5bn this year. Chairman and CEO Paal Kibsgaard said, “With the outlook for global economic growth and oil demand remaining solid, we continue to see a need for a multiyear increase in international E&P investment, which is very good news for Schlumberger.”
During the drilling process of a long horizontal well that has multi-stage completions, various challenges are being faced due to restricted centralization and casing movement. At SPE ATCE, Schlumberger launched the CemFIT Shield mud-sealing cement system to counter this problem. The CemFIT Shield will be the first in line of technologies dedicated to improving zonal isolation, especially between hydraulic fracturing stages in long horizontal wells.