Schlumberger Ld. Schlumberger Issues Venezuela Operations Update
April 13 2016 - 2:00AM
UK Regulatory
TIDMSCL
Schlumberger Limited (NYSE:SLB) announced today that it will
reduce its activity in Venezuela to align operations with cash
collections. This measure is a result of insufficient payments
received in recent quarters and a lack of progress in establishing
new mechanisms that address past and future accounts
receivable.
Schlumberger appreciates the efforts of its main customer in the
country to find alternative payment solutions and remains fully
committed to supporting the Venezuelan exploration and production
industry. However, Schlumberger is unable to increase its accounts
receivable balances beyond their current level.
The reduction in activity levels will take place over the
current month and will be made in close coordination with all
customers in Venezuela to continue servicing those customers with
available cash flow, while allowing for a safe and orderly wind
down of operations for others.
Additionally, Schlumberger reaffirms its first-quarter revenue
guidance of approximately $6.5 billion.
About Schlumberger
Schlumberger is the world's leading supplier of technology,
integrated project management, and information solutions to
customers working in the oil and gas industry worldwide. Employing
approximately 95,000 people representing over 140 nationalities and
working in more than 85 countries, Schlumberger provides the
industry's widest range of products and services from exploration
through production.
Schlumberger Limited has principal offices in Paris, Houston,
London and The Hague, and reported revenues of $35.47 billion in
2015. For more information, visit www.slb.com.
Schlumberger LimitedInvestorsSimon Farrant - Schlumberger
Limited, Vice President of Investor RelationsJoy V. Domingo -
Schlumberger Limited, Manager of Investor RelationsTel +1 (713)
375-3535investor-relations@slb.comMediaJoao Felix - Schlumberger
Limited, Director of Corporate CommunicationTel: +1 713 375
3494communication@slb.com
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(END) Dow Jones Newswires
April 13, 2016 02:00 ET (06:00 GMT)
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