TechnipFMC to Split into Two Companies
remain CEO for the upstream-focused company, which will focus on capital intensive subsea technologies and services. The Houston-based company will have a workforce of about 22,000 people.Catherine MacGregor, who joined TechnipFMC's New Ventures group last month after more than two decades at Schlumberger NV , will head up the engineering and construction services company. It will pursue new opportunities in liquefied natural gas (LNG) and broaden its market focus to include biofuels and alternative energy projects.That company will have about 15,000 employees.TechnipFMC received a record volume
Aker Solutions Raises 2019 Forecasts
is forecast to increase by up to 5 percent in 2019 and accelerate to 5-15 percent in 2020 according to industry estimates," CEO Luis Araujo said.Rival Halliburton this month said that it expects global offshore spending to rise 14 percent in 2019, double the estimates given by sector leader Schlumberger NV.Aker still faces fierce competition as industry overcapacity looms after years of restraint by oil companies after the 2014-16 oil price crash, with pricing for subsea equipment still under pressure."We expect markets to remain competitive in certain segments. But we still see prices improving
Schlumberger Sees International Growth in 2019
Schlumberger NV on Friday reported quarterly revenue that topped estimates and forecast single-digit growth in international markets this year even as crude prices have tumbled roughly 30 percent since October.With the drop in oil prices many producers were evaluating spending budgets for 2019, stoking concerns that a slowdown in activity would hurt oilfield service companies that have struggled to boost prices since the 2014 downturn.Schlumberger, a bellwether for the oilfield services sector, said recent volatility in crude prices has led to more uncertainty in the spending outlook for oil and gas
Schlumberger CFO Ayat to Retire Soon
Schlumberger NV Chief Financial Officer Simon Ayat plans to retire this year and a company insider has emerged as top candidate to replace him at the world's largest oil services firm, three people familiar with the matter told Reuters.Stephane Biguet, currently vice president of finance, is the frontrunner to replace Ayat, according to the people who declined to be named because the matter is not yet public.Schlumberger declined to comment.The CFO change would come as rising oil prices and dwindling producer reserves are helping lift demand for oil services, which were hit hard by the 2014 oil
Schlumberger Wins in US Supreme Court on Patent Damages
The U.S. Supreme Court ruled on Friday that companies can recover profits lost because of the unauthorized use of their patented technology abroad in a victory for Schlumberger NV, the world's largest oilfield services provider.The 7-2 decision overturned a lower court's ruling that had enforced limits on applying U.S. patent law overseas and reduced by $93.4 million the damages sum that rival ION Geophysical Corp had to pay for infringing Schlumberger technology that helps find oil and gas beneath the ocean floor. Both companies are based in Houston.The decision expands the ability of patent
Schlumberger Fights to Boost Patent Damages at US Supreme Court
The U.S. Supreme Court on Monday appeared divided over whether to make it easier for companies to recoup profits lost due to the unauthorized use of their patented technology overseas in a dispute involving Schlumberger NV, the world's largest oilfield services provider.The nine justices heard about an hour of arguments that will resolve the amount of money that rival ION Geophysical Corp must pay for infringing Schlumberger technology that helps search for oil and gas beneath the ocean floor. Both companies are based in Houston.Some justices, including conservative Justice Neil Gorsuch and
US Supreme Court to Hear Schlumberger Fight over Patent Damages
The U.S. Supreme Court on Friday agreed to review a bid by Schlumberger NV, the world's largest oilfield services provider, to allow companies to recoup profits lost due to patent infringement when patented technology is used overseas. The case involves a fight over how much rival ION Geophysical Corp must pay for infringing Schlumberger technology that helps search for oil and gas beneath the ocean floor. The justices will hear Schlumberger's appeal of a lower court ruling that barred it from recovering more than $93 million stemming from foreign contracts the company said it lost as a
New Offshore Oil Investments Needed to Avoid Shortages -Hess
, those costs are declining as the industry gains greater efficiencies, Hill said. There is the potential for deepwater drilling costs to shrink by as much as half from new technologies such as those that anticipate mechanical failures, said Jean-Francois Poupeau, executive vice president at Schlumberger NV, the world's biggest oilfield services firm by revenue, who also spoke at the conference. (Reporting by Rod Nickel in Houston; editing by Gary McWilliams and David Gregorio
Schlumberger to Acquire Majority Stake in Eurasia Drilling
Russia's Eurasia Drilling Company (EDC) said on Thursday it would sell a 51 percent stake in the company to the oilfield services provider, U.S.-based Schlumberger NV. The agreement is subject to approval by the Federal Antimonopoly Service of Russia (FAS), the company said. Financial terms of the deal were not disclosed since it is subject to approval. The agreement, if approved, would extend a strategic alliance with Schlumberger that dates to 2011, Eurasia added. EDC is an onshore and offshore drilling and well services contractor. EDC owns and operates one of the
February 2024
