Schlumberger sells management and consulting branch
Schlumberger, the world’s largest oilfield services provider, is selling its management and consulting unit Schlumberger Business Consulting. The buyer, Accenture.
Accenture has said that the acquisition will expand the capabilities of Accenture Strategy in helping the world’s major exploration and production companies achieve greater competitiveness and growth. Terms of the acquisition were not disclosed, and completion of the acquisition is subject to regulatory approval and other customary closing conditions.
Schlumberger Business Consulting (SBC) is a management consulting provider in the upstream oil and gas industry, employing over 250 consultants in nine office worldwide.
The company also does business in the energy sector more generally. It provides consulting services in strategy, operations, people & transformation, capital projects, and mergers & acquisitions.
Following completion of the acquisition, all of the Schlumberger Business Consulting (SBC) employees and associated knowledge assets are expected to join Accenture and become part of Accenture Strategy.
According to Accenture, this will further reinforce its ability to assist upstream oil and gas companies improve portfolio optimization, enhance operational agility and cost competitiveness, as well as plan and execute digital-driven transformations.
“The acquisition will further strengthen Accenture Strategy’s ability to provide key strategic insights to clients in the upstream oil and gas industry,” said Mark Knickrehm, group chief executive, Accenture Strategy. “Our technology-driven business strategies and digital knowledge complement the core consulting strengths of the professionals who will join us through this acquisition.”
“The upstream oil and gas sector is undergoing a fundamental transformation, partly driven by oil price volatility, but also by increased regulation and technology advances,” said Jean-Marc Ollagnier, group chief executive, Accenture’s Resources operating group. “Energy companies are also under pressure to improve internal performance in delivering large capital projects, reduce production costs and extend into new areas, including renewables. This acquisition will enhance our capabilities in helping clients navigate these challenges with a combination of business, digital and technology knowhow that differentiates us in this global market.”
“In just over 10 years Schlumberger Business Consulting (SBC) has become a leading provider of consulting services to the upstream oil and gas industry, advising key industry players on a broad range of strategic topics,” said Jean-Marie Rousset, Senior Vice President of Schlumberger Business Consulting. “Our management consulting expertise combined with a deep understanding of exploration and production (E&P) technologies and industry challenges perfectly complement Accenture’s broader portfolio of strategy, consulting, digital and technology services. This will provide a unique value to all E&P companies.”