It was $282 million at the end of the first quarter of 2020. Revenue also declined less in the North Sea and Continental Europe, following the winter slowdown and as activity resumed later in the quarter after COVID-19 lockdowns were relaxed. Relates to the carrying value of certain APS projects in Latin America. Schlumberger slashes 21,000 jobs amid pandemic oil rout. The project consists of four deepwater wells and a 19-km tieback system to a newly built platform—the Lufeng 15-1—which will act as a central production and processing facility for the Lufeng development project. See sections titled "Charges & Credits" and "Segments" for details. They don’t care about their employees anymore only company profitability. ‘You’re with your offshore family instead’ – what’s it like spending Christmas day at sea? GAIA Xchange* data marketplace, the world’s first digital E&P data marketplace, was launched in the first Schlumberger Online Conference. Absent these risks, we anticipate flat sequential revenue on a global basis and our pretax segment operating income and margin should expand as a result of our restructuring efforts, improved activity mix, and sustained benefits from technology adoption, including digital. This was driven by the precipitous drop in OneStim pressure-pumping activity in North America land. Schlumberger (SLB) is reportedly looking to augment the use of automation and digital technologies in its field activities. Drilling revenue of $1.7 billion, 82% of which came from the international markets, decreased 24% sequentially. 66. APS revenue was also down by nearly 50% due primarily to a significant production interruption in Ecuador. Up to 90 staff of OneSubsea, a subsea services and equipment subsidiary of oilfield services giant Schlumberger, are part of the consultation to reduce the company’s headcount in Portlethen. The ETR for the second quarter of 2020, calculated in accordance with GAAP, was 5.5% as compared to 8.9% for the first quarter of 2020. Schlumberger-Private Via US Mail and Email To: June 22, 2020 Ms. Kimberly Kolvig Rapid Response Statewide Coordinator Alaska Department of Labor and Workforce Development P.O. Meanwhile, OneSubsea® revenue was resilient, only declining slightly with international revenue growing sequentially, but offset by a decline in North America. SEEIT strikes £110m deal to acquire solar and storage projects in US, Octopus Energy reaches £1.5bn valuation amid Japan plans, Global ventures pay off for Craig International, More Asia Pacific firms tap loans linking rates to sustainable goals. Daily Job Cuts / Layoffs - Your source for daily economy updates on recent Job Layoffs 2020 / 2019 , Job Losses, Layoff News, Store Closings 2020, Bankruptcy, Business and Economic News *Mark of Schlumberger or Schlumberger companies. Pros . There were 1.388 billion shares of common stock outstanding as of June 30, 2020 and March 31, 2020. We need a little more information from you before we can grant you access. In the United Arab Emirates, Dragon Oil plc awarded Schlumberger a contract for deployment of agile reservoir modeling through the DELFI* cognitive E&P environment, the first implementation of this kind in the Middle East and North Africa region. I am extremely optimistic about the future of Schlumberger, building on the strength of our international franchise and positioning the company as the performance partner of choice for our customers in the new industry landscape.”. One affected worker, who did not wish to be named, said a number of contracts had been cancelled in the wake of the Covid-19 outbreak. Don't have an account? It is thought OneSubsea’s offshore division in Portlethen employs around 130 workers. Q2 2020 Earnings Conference Call Prepared Remarks (172 KB PDF) Rocking around the subsea (Christmas) tree, Oil falls with virus mutation raising lockdown risks, North-east SNP MPs call for meeting with business secretary over sector deal, Balmoral weathering pandemic storm in its 40th anniversary year. Box 115509 Juneau, Alaska 99811-5509 Email: email@example.com RE: Notice of Layoffs: Schlumberger Technology Corporation – Amended June 17, 2020 Dear Ms. Kolvig: This letter is to inform you that … (To view PDF files, get Adobe Acrobat Reader.). Serica 'resilient' as it brings in Awilco rig to drill North Sea well, Unlimited web access from just £12.50 per month. Schlumberger Online Conference Working Together. This speaks volumes about an industry confronted with historic oil demand and supply imbalances caused by demand destruction from the global COVID-19 containment effort. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. 13) What was the book-to-bill ratio for Cameron’s long-cycle businesses? Drilling & Measurements and M-I SWACO accounted for most of the margin decline and experienced the largest drop in activity due to their sizeable footprint in North America land. With product sales and services in more than 120 countries and employing approximately 85,000 people as of the end of the second quarter of 2020 who represent over 170 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance sustainably. Free cash flow for the second quarter of 2020 was $465 million, despite making $370 million of severance payments during the quarter. On July 23, 2020, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 8, 2020 to stockholders of record on September 2, 2020. Here's How Schlumberger Will Cut $1.5B in Costs Every Year - June … The margin contraction was primarily due to reduced profitability in North America, impacting Surface Systems and Valves & Process Systems margins, while international margin expanded sequentially due to OneSubsea and Drilling Systems. Schlumberger second-quarter revenue declined 28% sequentially, caused by the unprecedented fall in North America activity, and international activity drop due to downward revisions to customer budgets accentuated by COVID-19 disruptions. A few examples of this included: This quarter’s contract awards reflect the diversity of our business models in different basins around the globe, including alignment with in-country value, offshore processing, and subsea integration. Revenue in the Middle East, Russia, Europe, and Asia proved more resilient as these regions, when combined, declined 10% sequentially. At the conclusion of the conference call, an audio replay will be available until August 24, 2020 by dialing +1 (866) 207-1041 within North America, or +1 (402) 970-0847 outside North America, and providing the access code 7688409. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of … Prompt cost reduction measures through headcount rationalization, furloughs, and lower manufacturing costs contributed to the international margin expansion. North America offshore revenue decreased less severely, 12% sequentially. The GAIA* digital subsurface platform enables customers to securely and instantly access multidomain, evergreen E&P data as a subscription from a growing number of content providers. In Oman, OQ—the company regrouping Oman Oil and Orpic Group’s nine business units—awarded Schlumberger a contract valued at more than USD 125 million for the design, engineering, procurement, and construction of a production facility in the Bisat Field. 4) How did interest income and interest expense change during the second quarter of 2020? Under the MOU, Honghua will manufacture and sell rigs that have plug-and-play capability with the DrillOps solution, which integrates planning and operations while automating well construction tasks in order for the rig to operate at peak performance throughout the execution of the drilling plan. Joy V. Domingo – Director of Investor Relations, Schlumberger Limited Europe/CIS/Africa area consolidated revenue of $1.4 billion decreased 17% sequentially due to a significant drop in activity in the Sub-Sahara Africa and North Africa GeoMarkets from COVID-19 disruptions, project cancellations, and work stoppages. Those structural changes and related layoffs are needed to survive the industry downturn but expected to cost the company up to $1.4 billion, Schlumberger CEO Olivier Le … Schlumberger, along with most other oil companies, is in the process of trying to cut costs to help deal with the economic downturn brought on by the Coronavirus. I worked at Schlumberger full-time for more than a year. The safety of our people remains paramount. Click here to subscribe to Insider Energy, Business Insider's weekly energy newsletter. Stock analysis for Schlumberger NV (SLB:New York) including stock price, stock chart, company news, key statistics, fundamentals and company profile. En 1940, à cause de la guerre e… The remaining portion of the charge largely relates to the non-cash impairment of certain assets. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of its 4.200% Notes due 2021. A replay of the webcast will also be available at the same website until August 24, 2020. These amounts are included within Other Assets in Schlumberger’s Condensed Consolidated Balance Sheet. “We have started collective consultation regarding a potential headcount reduction for operations activity based out of Portlethen, Aberdeen. Simon Farrant – Vice President of Investor Relations, Schlumberger Limited HOUSTON, July 24, 2020—Schlumberger Limited (NYSE: SLB) today reported results for the second quarter of 2020. However, any further material COVID-19 disruption or significant setback in oil demand arising from a slower economic recovery could present downside risks to this outlook. Schlumberger Limited has executive offices in Paris, Houston, London, and The Hague, and reported revenues of $32.92 billion in 2019. Revenue in the North Middle East and Saudi Arabia & Bahrain GeoMarkets declined less due to new projects. 37. The service—comprised of BroadBand Shield* fracture-geometry control technology and the equipment required—was deployed in conjunction with a pumping and wellsite equipment services provider. Cash flow from operations for the second quarter of 2020 was $803 million. Everybody is just a number. WesternGeco® revenue declined as a project was completed in the Middle East, while Software Integrated Solutions (SIS) revenue declined slightly as well. Schlumberger Ltd., the world’s largest oil-field services company, cut about 21,000 The pandemic hurt the entire economy, but it came down on the oil & gas industry especially hard. Scores of workers are facing redundancy at a subsea equipment firm in Aberdeenshire following a drop off in work. Working 80-110 hour work weeks is exhausting. Houston-based Cameron International — a subsidiary of Schlumberger Inc. (NYSE: SLB) — plans to close two Texas facilities later in May, which will result in a round of layoffs. The contract includes four years of operations and maintenance support with an optional one-year extension. 10) What are the components of depreciation and amortization expense for the second quarter of 2020 and the first quarter of 2020? July 24, 2020 at 11:15 AM EDT - Updated July 24 at 11:15 AM (AP) - Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and o Up to 90 staff of OneSubsea, a … China National Offshore Oil Corporation (CNOOC) awarded OneSubsea an engineering, procurement, and construction (EPC) contract for the supply of an integrated subsea production and processing system for the Lufeng 22-1 oil field in the South China Sea. In contrast, Mexico and Brazil declined less severely as reduced land activity was partially offset by offshore exploration operations, where work continued with COVID-19 risk-mitigation protocols. Chevron has chosen to conduct layoffs to try … They have embraced digital remote operations, adjusted work practices to mitigate contamination risks, and delivered benchmark safety and service quality performance for our customers. The results of our actions and continued success with technology—particularly digital—can be seen from our decremental margins and our strong free cash flow generation. Drilling pretax operating margin of 10% contracted by 289 bps sequentially, posting a 21% decremental operating margin. Premium content requires special account permissions. Through our decisive actions, we protected our liquidity and cash positions, and sustained resilient international margins while navigating the trough of this downcycle. For more information, visit www.slb.com. “In response to market conditions, we recorded $3.7 billion of pretax restructuring and asset impairment charges, including $1 billion of severance costs, as of the end of the quarter. During the second quarter, Schlumberger issued EUR 1 billion of 1.375% Notes due 2026, $900 million of 2.650% Notes due 2030, and EUR 1 billion of 2.000% Notes due 2032. This double black swan event created simultaneous shocks in oil supply and demand resulting in the m… Le cours de l'action SCHLUMBERGER SLB sur Boursorama : historique de la cotation sur NYSE, graphique, actualités, consensus des analystes et informations boursières 2) What were the cash flow from operations and free cash flow for the second quarter of 2020? The ETR, excluding charges and credits, is expected to remain in the low twenties for the rest of 2020. In June, Schlumberger repurchased $1.5 billion of its outstanding notes, consisting of $935 million of its 3.300% Notes due 2021 and all $600 million of its 4.200% Notes due 2021. firstname.lastname@example.org. The agreement includes an online digital solution to support the bid round delivered by Schlumberger via software as a service (SaaS). 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