Schlumberger has seen red in the third quarter 2019 on major impairments on goodwill and assets.
The oilfield services giant recognized Q3 2019 loss of close to $11.4 billion, or $8.22 per share, on some $37 million higher revenue ($8.54 billion), against profit of $644 million.
Excluding charges, the profit fell 7 per cent at $596 million, but increased 22 per cent sequentially.
“ The third quarter results reflect a $12.7 billion pretax charge driven by market conditions. This charge is almost entirely noncash and primarily relates to goodwill, intangible assets, and fixed assets ,” said Olivier Le Peuch , Schlumberger CEO.
Schlumberger’s unit Cameron had quarterly revenue of $1.36 billion, of which 57 per cent came from international markets – up 3 per cent sequentially but down 2 per cent year-on-year.
OneSubsea had $320 million in orders for the third-quarter 2019 and backlog of $1.8 billion.
Subsea World News Staff