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Schlumberger NV (SLB.N)

SLB.N on New York Stock Exchange

18 Jan 2017
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Latest Key Developments (Source: Significant Developments)

Schlumberger NV to cut more jobs as drilling downturn bites - Reuters
Tuesday, 1 Dec 2015 02:16pm EST 

Schlumberger NV:Schlumberger announced another round of job cuts on Tuesday, adding to 20,000 already this year, as low oil prices and a slowdown in drilling was expected to continue into next year - RTRS.The layoffs, which will incur a pretax restructuring charge of about $350 million in the fourth quarter, are the latest sign of continued pain in the oil industry as oversupply continues to weigh on prices and cut profits for even the largest companies - RTRS.The size, location and timing of the cuts were unclear - RTRS.  Full Article

Schlumberger NV to cut more jobs, sees recovery pushed to 2017 - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

Schlumberger NV:Schlumberger Ltd said it would cut more jobs and consolidate its manufacturing and distribution network as it did not expect a recovery in demand before 2017 - Reuters.The company said it would take a charge to cover severance costs for additional headcount reductions in the fourth quarter - Reuters.The company, which has already cut 20,000 jobs, or about 15 percent of its workforce, did not say how many jobs it planned to cut in the next round - Reuters."If they are going make a reduction, it is going to be a sizeable reduction to lower the cost structure and given the expected decline, 10 percent is a reasonable number," Edward Jones analyst Rob Desai said - Reuters.Deep cost cuts helped the company marginally beat analysts' earnings estimate in the third quarter, although its net income halved from a year earlier - Reuters.  Full Article

Schlumberger declares quarterly dividend
Thursday, 15 Oct 2015 01:00pm EDT 

Schlumberger Ltd:Declared a quarterly dividend of $0.50 per share of outstanding common stock.Payable on January 8, 2016 to stockholders of record at the close of business on December 2, 2015.  Full Article

Schlumberger NV - market recovery to take longer, hints at more cost cuts - Reuters
Wednesday, 14 Oct 2015 08:00pm EDT 

Schlumberger NV:Schlumberger Ltd, suggested that it may have to reduce costs further and cut more jobs as it expects any rebound in drilling activity to now take longer than expected - Reuters.Even if crude prices improve next year, weak cash flows would curtail the ability of oil and gas companies to increase spending on exploration and production, Schlumberger Chief Executive Paal Kibsgaard said in a statement - Reuters.Kibsgaard said the oil market is also weighed down by concerns of slowing Chinese demand and additional supply from Iran - Reuters.Schlumberger said spending cuts by companies have been "dramatic", but it did not say how much it expects oil and gas companies to cut spending in North America and internationally – a forecast it issued in the previous two quarters - Reuters.  Full Article

Schlumberger announces agreement to acquire Cameron
Wednesday, 26 Aug 2015 06:00am EDT 

Schlumberger NV:Announces agreement to acquire Cameron.Deal for $14.8 billion.Says total transaction value of $14.8 billion as of Aug. 25.Says transaction expected to be accretive to Schlumberger earnings per share in first year after closing.Says combined company expects $300 million and $600 million in synergies in first and second years.Says Cameron shareholders will receive 0.716 shares of Schlumberger stock and a cash payment of $14.44 in exchange for each Cameron share.Cameron shareholders to get 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.Deal for $66.36 per share.Based on the closing stock prices of both companies on Aug. 25, the agreement places a value of $66.36 per Cameron share.Says Goldman, Sachs & co. is acting as financial advisor to Schlumberger on deal.Says it is anticipated that the closing of the transaction will occur in the first quarter of 2016.Says the agreement was unanimously approved by the boards of directors of both companies.Says upon closing, Cameron shareholders will own about 10 pct of schlumberger's outstanding shares of common stock.  Full Article

Schlumberger Ltd declares quarterly dividend
Thursday, 16 Jul 2015 12:00pm EDT 

Schlumberger Ltd:Declared a quarterly dividend of $0.50 per share of outstanding common stock.Payable on Oct. 9 to stockholders of record at the close of business on Sept. 2.  Full Article

Cameron International and Schlumberger unit Onesubsea awarded contract for supply of subsea trees
Friday, 26 Jun 2015 07:30am EDT 

Cameron International:Onesubsea awarded contract for the supply of subsea trees for shah deniz two development, azerbaijan.Says onesubsea awarded contract of more than $60 million for shah deniz two development, operated by BP, offshore azerbaijan.Says deliveries are expected to commence 2016.OneSubsea is a Cameron and Schlumberger company.  Full Article

Schlumberger Unit to Plead Guilty to Violating Iran, Sudan Sanctions - WSJ
Wednesday, 25 Mar 2015 07:08pm EDT 

Schlumberger Ltd:Has agreed to pay $232.7 million for violating U.S. sanctions in Iran and Sudan, part of the government’s extended crackdown on companies doing business with countries the U.S. has declared off limits - The Wall Street Journal.As part of a plea agreement with the Justice Department, Schlumberger will pay a $155.1 million criminal fine and forfeit $77.6 million in illegally obtained profits.Schlumberger Oilfield Holdings Ltd., a subsidiary, will also plead guilty to conspiring to violate the International Emergency Economic Powers Act, or IEEPA, which enables the government to block transactions involving countries under sanctions.The agreement, which still needs court approval, caps a six-year investigation by the Justice Department and the Commerce Department.Schlumberger unit in Texas illegally facilitated the export of drilling equipment to Iran and Sudan from 2004 to 2010 by using special shipping methods to sidestep U.S. sanctions.As part of the company’s penalty, Schlumberger will enter a three-year probation period during which it must notify the government of any other potential sanctions violations.  Full Article

BRIEF-Statoil awards service contracts to Baker Hughes, Schlumberger

* Baker Hughes and Schlumberger will be awarded contracts for integrated drilling and well services on Cat J rigs Askepott and Askeladden