Schlumberger: Sanctions on Russia to affect operational efficiency and costs

Schlumberger, one of the biggest oilfield services providers in the world, is closely monitoring the situation in Russia following the economic sanctions imposed by the USA and EU.

“In the past week, both the United States and the European Union (EU) have announced economic sanctions and restrictions relating to Russia that is affecting its energy, defense and banking sectors. Schlumberger continues to monitor these events closely to ensure that our activities and actions are in full compliance with applicable regulations,” Schlumberger said in a statement.

The company, employing 126,000 people, has said that the sanctions are placing “some restrictions on the engagement of certain people and equipment in our Russian operations which in the short term will have an impact on operational efficiency and costs in Russia. The financial impact of the sanctions in the third quarter is limited, and is currently estimated to be up to $0.03 of earnings per share.”

“Schlumberger remains confident that we can support our clients in Russia without material disruption and operations are therefore being adjusted as necessary in response to the US and EU measures, while we continue to work closely with our Russian customers,” the company concluded.