Posts filtered on Tag
The agreement represents a new business model for the industry, providing a steady income stream for GE, and decreased risk for the driller, the companies said in a joint statement Monday.
Schlumberger, the world’s largest oil field services company with headquarters in Houston, Paris and The Hague, has moved quickly to wrap up the acquisition of the large oil equipment and technology manufacturer since the deal was first announced at the end of August.
The company said Wednesday that it would offer the remedies soon, after the EU pushed back the deadline for reviewing the deal by 20 working days to June 23.
The oilfield equipment and services giant saw its revenues drop 60 percent in the quarter, but NOV also recorded $1.63 billion in pre-tax impairment charges.
Collapsing commodity prices have spurred a retreat from the oil patch in the U.S. and around the world.
While Schlumberger’s CEO said he wants the industry to rebound soon, he said the longer the downturn lasts “the stronger we will emerge relative to our competition.”
The oil crash has triggered the largest job cuts in oil field services, and Schlumberger has now eliminated about 34,000 jobs globally — a more than 25 percent reduction since its peak of nearly 130,000 jobs in 2014.
Cheney said the U.S. should get more involved with energy diplomacy to weaken its enemies
The anticipated move by the commission leaves Halliburton fighting antitrust reviews in both the U.S. and Europe as the proposed merger continues to face doubts and delays. The European Commission review could last as late as May 26 — well past the extended April 30 deadline for receiving approval from the U.S. Department of Justice.
Halliburton had until midnight Tuesday to propose remedies to the European Commission in Brussels but passed up the opportunity, according to the regulator’s press office.