Schlumberger Cutting Seismic Fleet

Wednesday, December 3, 2014

In a SEC filing oil service provider Schlumberger Ltd. said it was restructuring seismic unit WesternGeco’s marine seismic fleet. In other words, the company is reducing the number of marine seismic vessels. The cut is an effort to lower costs.

According to the SEC filing Schlumberger will achieve this by converting the remaining lower-end vessels to source boats and by cancelling most of its third-party charters. It will also reduce its fleet size to nine survey and six source vessels by the end of the year.

Schlumberger expects to record a pretax impairment charge of approximately $800 million in Q4.

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