Schlumberger Announces Update on Russia Operations

Rhea-AI Summary

Schlumberger (SLB: NYSE) has announced the immediate suspension of new investments and technology deployment in Russia due to the ongoing conflict in Ukraine. CEO Olivier Le Peuch expressed deep concern for the safety of employees in the affected regions. The company will fulfill existing commitments while ensuring compliance with international laws and sanctions. Schlumberger emphasizes safety and security as core values and advocates for the cessation of conflict to restore security in the region.

Positive

• The company will fulfill any existing commitments in Russia, ensuring operational continuity within the framework of international laws.

Negative

• Immediate suspension of new investments and technology deployment in Russia may hinder future growth potential in the region.
• The ongoing conflict in Ukraine presents operational risks and uncertainties.

HOUSTON--(BUSINESS WIRE)-- Regulatory News:
Schlumberger (SLB: NYSE)

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/20220318005456/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 recent decision did Schlumberger (SLB) announce regarding operations in Russia?

Schlumberger announced the immediate suspension of new investments and technology deployment in Russia due to the conflict in Ukraine.

How is Schlumberger (SLB) responding to the Ukraine conflict?

Schlumberger is focused on the safety of its employees and is complying with international laws and sanctions while fulfilling existing commitments.

What did the CEO of Schlumberger (SLB) say about employee safety?

CEO Olivier Le Peuch emphasized the company's deep concern for the health and safety of employees in Ukraine and Russia.

How does Schlumberger (SLB) plan to handle existing operations in Russia?

Schlumberger will continue to monitor the situation and fulfill existing activities in full compliance with international laws.