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