The company said it does not intend to extend the agreement beyond the current extension’s Sept. 30 expiration date. Instead, Schlumberger will focus on other opportunities for mergers and acquisitions, the company said in a statement.
The overhaul that started in 2007 turned out to be a prophetic decision after crude prices collapsed, sending oil field services companies scrambling to find new, more efficient ways to drill and complete wells at a cheaper cost.
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