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.
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