Schlumberger Takes Major Impairments Hit

Schlumberger has seen red in the third quarter 2019 on major impairments on goodwill and assets.

The oilfield services giant recognized Q3 2019 loss of close to $11.4 billion, or $8.22 per share, on some $37 million higher revenue ($8.54 billion), against profit of $644 million.

Excluding charges, the profit fell 7 per cent at $596 million, but increased 22 per cent sequentially.

The third quarter results reflect a $12.7 billion pretax charge driven by market conditions. This charge is almost entirely noncash and primarily relates to goodwill, intangible assets, and fixed assets,” said Olivier Le Peuch, Schlumberger CEO.

Schlumberger’s unit Cameron had quarterly revenue of $1.36 billion, of which 57 per cent came from international markets – up 3 per cent sequentially but down 2 per cent year-on-year.

OneSubsea had $320 million in orders for the third-quarter 2019 and backlog of $1.8 billion.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

OFFSHORE TECHNOLOGY CONFERENCE (OTC2020)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >