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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Schlumberger Ltd | NYSE:SLB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.26 | -0.55% | 47.32 | 47.97 | 47.13 | 47.66 | 2,686,286 | 16:27:57 |
From May 2019 to May 2024
By Imani Moise
Oil-services giant Schlumberger Ltd. (SLB) said it will exit the marine and land seismic acquisition market and transform its WesternGeco product line into an asset-light business over concerns about future returns.
Seismic acquisition involves generating and recording data about the composition of rocks or fluid content deep underground. Schlumberger recorded a $198 million impairment charge on its seismic data operation in the third quarter.
WesternGeco is a part of the company's Reservoir Characterization Group, where fourth-quarter revenue declined 8% sequentially and 2% from the prior year.
"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," Chief Executive Paal Kibsgaard said.
Shares fell 2.2% to $74.68 during premarket trading. The stock is down 12% over the past 12 months.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 19, 2018 09:02 ET (14:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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