Schlumberger Announces Update on Russia Operations

Rhea-AI Summary

Schlumberger has announced an immediate suspension of new investments and technology deployment in Russia due to the escalating conflict in Ukraine. CEO Olivier Le Peuch emphasized the company's commitment to the safety of its employees and compliance with international laws and sanctions. Schlumberger remains focused on fulfilling existing commitments while closely monitoring the situation. The company, listed as SLB on the NYSE, is dedicated to providing digital solutions and innovative technologies across the global energy industry.

Positive

• Commitment to employee safety in conflict areas.
• Continued compliance with international laws and sanctions.

Negative

• Immediate suspension of new investments in Russia.

HOUSTON--(BUSINESS WIRE)-- Schlumberger today provided the following update with regard to its operations in Russia:

“We have watched with immense concern as the conflict in Ukraine has escalated,” said Chief Executive Officer Olivier Le Peuch. “First and foremost, we are deeply focused on the health, safety and security of our employees, colleagues and their families in Ukraine, Russia and throughout the region.

“As the situation has developed, we have been evaluating our path forward, and have decided to immediately suspend new investment and technology deployment to our Russia operations. We continue to actively monitor this dynamic situation and will fulfill any existing activity in full compliance with applicable international laws and sanctions.

“Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region.”​

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, Schlumberger collaborates to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220318005446/en/

Media

Josh Byerly – Vice President of Corporate Communication, Schlumberger Limited

communication@slb.com



Investors

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited

Joy V. Domingo – Director of Investor Relations, Schlumberger Limited

Tel: +1 (713) 375-3535

investor-relations@slb.com

Source: Schlumberger

FAQ

What has Schlumberger announced regarding its operations in Russia?

Schlumberger has decided to immediately suspend new investments and technology deployment in Russia.

Who is the CEO of Schlumberger and what was said about the conflict?

CEO Olivier Le Peuch expressed deep concern over the Ukraine conflict and emphasized employee safety.

How is Schlumberger ensuring compliance during the conflict?

The company will fulfill existing activities in full compliance with applicable international laws and sanctions.

What is Schlumberger's stock symbol?

Schlumberger is listed on the NYSE under the stock symbol SLB.