Schlumberger to exit marine and land seismic acquisition business

Schlumberger has decided to exit the marine and land seismic acquisition market, and turn its WesternGeco product line into an asset-light business following a review.

Offshore staff

HOUSTON – While reporting its 4Q financial results in mid-January, Schlumberger said that it has decided to exit the marine and land seismic acquisition market, and turn its WesternGeco product line into an asset-light business following a review.

Schlumberger Chairman and CEO Paal Kibsgaard said: “With the significant changes seen in customer priorities and buying habits in recent years, we have also continued to evaluate the present and future return prospects for all of our product lines, as we look to maximize all aspects of the company’s long-term financial performance.”

“Based on this in-depth analysis,” he added, “the only product line that does not meet our return expectations going forward, even factoring in an eventual market recovery, is our seismic acquisition business.”

01/23/2018

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