Cameron revenue of $1.0 billion, 67% of which came from the international markets, decreased 19% sequentially. Schlumberger did not respond to a request for comment. The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share, excluding charges and credits. 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. It has happened to somebody senior whom i know personally. The reason was that oil companies Schlumberger supports in sub-Saharan Africa canceled or suspended their projects, according to notes from an August meeting between Schlumberger, an Ivorian union representative, and a labor inspector to discuss workforce cuts. katy location closing by end of year just let go over 50 employees today i made it to the 2nd wave of layoffs. The unamortized balance of Schlumberger’s investments in APS projects was approximately $1.8 billion at June 30, 2020 and $2.5 billion at March 31, 2020. read more. Slb will re-org itself out of business for employees. The data provided by SpectraSphere assisted PETRONAS petrotechnical experts to firm up and accelerate perforation and completion design, in addition to understanding the reservoir and improving reserve estimation. read more, Workers on an offshore rig west of Abidjan, Ivory Coast OneStim fracturing and land drilling activity fell as customers revised budgets downward, challenged by low oil prices, take-away constraints, and storage overflow. Do you have a tip about Schlumberger? The union representative from a different West African nation said it's also less than what Schlumberger paid workers in other countries who were laid off. Then I hear that Frac is gone. The margin decline was due to reduced profitability in North America land from the dramatic fall in activity, which mostly impacted the OneStim margin. Subscriber In addition, there was a production interruption in our Asset Performance Solutions (APS) projects in Ecuador caused by a major land slide that led to the rupture of the main pipeline. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider SLB pays lot of money to its lawyers to save its privileged leaders from executing protected activities. Kuwait Oil Company awarded Schlumberger a five-year contract with an optional one-year extension valued at USD 320 million for the provision of coiled tubing and stimulation services. The effect of this was amplified late in the quarter by a new battle for market share between the world’s largest oil producers. Hopefully somebody from HR or senior management dont delete this information. Testing Services revenue was also lower mainly in the Sub-Sahara Africa GeoMarket as a result of completed projects and delayed and cancelled activities due to COVID-19. 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. Anybody else has landed up in Jail for not toeing their line? verythign is wide open. WesternGeco® revenue declined as a project was completed in the Middle East, while Software Integrated Solutions (SIS) revenue declined slightly as well. read more, From Reliable sources, SLB has received 3 EEOC charges so far in USA. Business Insider has verified the person's identity. 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. 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. 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. The exterior of a Schlumberger Corporation building is pictured in West Houston Includes a $42 million increase to the allowance for the doubtful accounts. —  This practice is not uncommon among global corporations based in the West, according to Joe Drexler, an international labor expert and adjunct professor at the University of Denver. In July, Schlumberger, which is present in almost 80 countries, said it would cut 21,000 jobs in response to the oil-price downturn. 7) How many shares of common stock were outstanding as of June 30, 2020 and how did this change from the end of the previous quarter? —  Schlumberger and Honghua Electric Co., Ltd. entered into a memorandum of understanding (MOU) for the seamless integration of the DrillOps on-target well delivery solution with all new Honghua rigs. To download this file you first sign in to your Schlumberger account. read more, Majors Post Q3 Profits - Service Companies Sink, Time to rethink the employee cost/value balance, Paid approx $8 million penalty for Just 7 EEOC charges resulting in, SLB CEO Highest paying - Much higher than Kinder Morgan, As large as it is when coming to severence pay in Scotland it is dorogertery, offensive. Simon Farrant – Vice President of Investor Relations, Schlumberger Limited SLB layoffs come alongside declining revenue: Oil & Gas: July 24, 2020: Above The Law: Layoffs Come To Top 20 Am Law Firm. With various bonuses, however, analysts can earn over $2,000 a month, one of the former employees said.