Schlumberger LTD (SLB) : Financial and Strategic SWOT Analysis Review

Schlumberger Ltd (SLB)
Financial and Strategic SWOT Analysis Review
Report Code: GDGE207FSA

Published: March 2020
Schlumberger Ltd (SLB) - Financial and Strategic SWOT Analysis Review
Company Snapshot
17th Floor, 5599 San Felipe Phone +1 713 5132000 Revenue 32,917 (million USD)
Houston, TX Fax Net Profit -10,137 (million USD)
75056 Website www.slb.com Employees 105,000
SLB [New York Stock
United States Exchange Industry Oil & Gas
Exchange]
Company Overview
Schlumberger Ltd (Schlumberger) is an oilfield services company that provides technology for reservoir characterization, production,
drilling and processing to the oil and gas industry. The company also supplies the industries with products and services, from
exploration through production and integrated pipeline solutions for hydrocarbon recovery. Its products and services include open-
hole and cased-hole wireline logging; drilling services; well completion services including well testing and artificial lift; well services,
such as cementing, coiled tubing, stimulations and sand control; interpretation and consulting services; and integrated project
management.
Key Executives SWOT Analysis
Name Title Schlumberger Ltd, SWOT Analysis
Mark G. Papa Chairman Strengths Weaknesses
Olivier Le Peuch Chief Executive Officer
Operational Capabilities Declining Cash Reserves
Lubna S. Olayan Director
Order Backlog Cost Inefficiency
Nikolay Kudryavtsev Director
Henri Seydoux Director
Source: Annual Report, Company Website, Primary and Secondary Opportunities Threats
Research, GlobalData
Share Data New Contracts and Agreement Intense Competition
Schlumberger Ltd Increasing Upstream Stringent Regulations

Share Price (USD) as on 04-Mar- 27.08 Investments
2020
EPS (USD) -7.32 Source: Annual Report, Company Website, Primary and Secondary Research,
37,591 GlobalData
Market Cap (million USD)
Enterprise Value (million USD) 51,148
Shares Outstanding (million) 1,388
Source: Annual Report, Company Website, Primary and Secondary
Financial Performance Recent Developments
Mar 02,2020 PSA: Equinor – Gullfaks A – fully integrated
drilling activities
Feb 27,2020 Schlumberger: Notice of Intention to delist from
London Stock Exchange
Feb 25,2020 Schlumberger announces oil and gas
manufacturing in Saudi Arabia
Feb 25,2020 ADNOC to Build on its Position as one of Least
Carbon-Intensive Oil and Gas Producers in
World
Source: Annual Report, Company Website, Primary and Secondary Research,
GlobalData
Source: Annual Report, Company Website, Primary and Secondary

© GlobalData 2020. This product is licensed and is not to be photocopied. Page 2

Table of Contents
Table of Contents................................................................................................................................................................ ............... 3
List of Tables................................................................................................................................................................ .................. 5
List of Figures ................................................................................................................................................................ ................ 5
Section 1 - About the Company ................................................................................................................................ ......................... 6
Schlumberger Ltd - Key Facts................................................................................................................................ ............................. 6
Schlumberger Ltd - Key Employees................................................................................................................................ .................... 7
Schlumberger Ltd - Key Employee Biographies ................................................................................................................................ . 9
Schlumberger Ltd - Major Products and Services ............................................................................................................................ 10
Schlumberger Ltd - History .............................................................................................................................................................. 12
Schlumberger Ltd - Company Statement ......................................................................................................................................... 25
Schlumberger Ltd - Locations And Subsidiaries ............................................................................................................................... 27
Head Office.................................................................................................................................................................................. 27
Other Locations & Subsidiaries ................................................................................................................................................... 27
Affiliate ........................................................................................................................................................................................ 32
Joint Venture ............................................................................................................................................................................... 32
Business Unit ............................................................................................................................................................................... 32
Section 2 – Company Analysis.......................................................................................................................................................... 33
Company Overview .......................................................................................................................................................................... 33
Schlumberger Ltd - Business Description......................................................................................................................................... 34
Business Segment: Cameron ....................................................................................................................................................... 34
Overview ................................................................................................................................................................................ 34
Performance ........................................................................................................................................................................... 34
Business Segment: Drilling .......................................................................................................................................................... 34
Overview ................................................................................................................................................................................ 34
Performance ........................................................................................................................................................................... 34
Business Segment: Production .................................................................................................................................................... 34
Overview ................................................................................................................................................................................ 34
Performance ........................................................................................................................................................................... 35
Business Segment: Reservoir Characterization ........................................................................................................................... 35
Overview ................................................................................................................................................................................ 35
Performance ........................................................................................................................................................................... 35
Geographical Segment: Eliminations & other ............................................................................................................................. 35
Performance ........................................................................................................................................................................... 35
Geographical Segment: Europe/CIS/Africa ................................................................................................................................. 35
Performance ........................................................................................................................................................................... 35
Geographical Segment: Latin America ........................................................................................................................................ 35
Performance ........................................................................................................................................................................... 35
Geographical Segment: Middle East and Asia............................................................................................................................. 35
Performance ........................................................................................................................................................................... 35
Geographical Segment: North America ...................................................................................................................................... 36
Performance ........................................................................................................................................................................... 36
R&D Overview ............................................................................................................................................................................ 36
Schlumberger Ltd - Corporate Strategy ........................................................................................................................................... 37
Schlumberger Ltd - SWOT Analysis .................................................................................................................................................. 38
SWOT Analysis - Overview ............................................................................................................................................................... 38
Schlumberger Ltd - Strengths .......................................................................................................................................................... 38
Schlumberger Ltd - Weaknesses ...................................................................................................................................................... 39
Schlumberger Ltd - Opportunities ................................................................................................................................................... 40
Schlumberger Ltd - Threats .............................................................................................................................................................. 41
Schlumberger Ltd - Key Competitors ............................................................................................................................................... 42
Section 3 – Company Financial Ratios ............................................................................................................................................. 43
Financial Ratios - Capital Market Ratios .......................................................................................................................................... 43

Financial Ratios - Annual Ratios ....................................................................................................................................................... 44

Performance Chart........................................................................................................................................................................... 47
Financial Performance ..................................................................................................................................................................... 47
Financial Ratios - Interim Ratios ...................................................................................................................................................... 48
Financial Ratios - Ratio Charts.......................................................................................................................................................... 49
Section 4 – Company’s Oil & Gas, Power Financial Deals and Alliances .......................................................................................... 50
Schlumberger Ltd, Oil & Gas, Deals By Year, 2014 to YTD 2020 ................................................................................................. 50
Schlumberger Ltd, Oil & Gas, Deals By Type, 2014 to YTD 2020 ................................................................................................. 51
Schlumberger Ltd, Recent Deals Summary ...................................................................................................................................... 52
Section 5 – Company’s Recent Developments................................................................................................................................. 53
Mar 02, 2020: PSA: Equinor – Gullfaks A – fully integrated drilling activities .................................................................................. 53
Feb 27, 2020: Schlumberger: Notice of Intention to delist from London Stock Exchange .............................................................. 54
Feb 25, 2020: Schlumberger announces oil and gas manufacturing in Saudi Arabia ...................................................................... 55
Feb 25, 2020: ADNOC to Build on its Position as one of Least Carbon-Intensive Oil and Gas Producers in World ......................... 56
Feb 19, 2020: Gazpromneft-Noyarbrskneftegazgeophysica doubles its delivery of high-tech services in 2019............................. 57
Feb 17, 2020: Schlumberger announces Egypt Upstream Gateway project ................................................................................... 58
Feb 11, 2020: Egyptian Ministry of Petroleum and Schlumberger Introduce Egypt Upstream Gateway........................................ 59
Jan 31, 2020: Schlumberger sells Bandurria Sur oil field stake to Shell and Equinor ...................................................................... 60
Jan 31, 2020: MODEC and SIA win contracts for Equinor’s oil field offshore Brazil ........................................................................ 61
Jan 30, 2020: Byron Energy announces quarterly report for period ended 31 December 2019 ..................................................... 62
Section 6 – Appendix ....................................................................................................................................................................... 67
Methodology ............................................................................................................................................................................... 67
Ratio Definitions .......................................................................................................................................................................... 67
About GlobalData ........................................................................................................................................................................ 71
Contact Us ................................................................................................................................................................................... 71
Disclaimer .................................................................................................................................................................................... 72

List of Tables
Schlumberger Ltd, Key Facts ................................................................................................................................ .............................. 6
Schlumberger Ltd, Key Employees................................................................................................................................ ..................... 7
Schlumberger Ltd, Key Employee Biographies ................................................................................................................................ .. 9
Schlumberger Ltd, Major Products and Services ............................................................................................................................. 10
Schlumberger Ltd, History ............................................................................................................................................................... 12
Schlumberger Ltd, Other Locations ................................................................................................................................................. 27
Schlumberger Ltd, Subsidiaries ........................................................................................................................................................ 27
Schlumberger Ltd, Affiliate .............................................................................................................................................................. 32
Schlumberger Ltd, Joint Venture ..................................................................................................................................................... 32
Schlumberger Ltd, Business Unit ..................................................................................................................................................... 32
Schlumberger Ltd, Key Competitors ................................................................................................................................................ 42
Schlumberger Ltd, Ratios based on current share price .................................................................................................................. 43
Schlumberger Ltd, Annual Ratios ..................................................................................................................................................... 44
Schlumberger Ltd, Annual Ratios (Cont...1) ..................................................................................................................................... 45
Schlumberger Ltd, Annual Ratios (Cont...2) ..................................................................................................................................... 46
Schlumberger Ltd, Interim Ratios .................................................................................................................................................... 48
Schlumberger Ltd, Oil & Gas, Deals By Year, 2014 to YTD 2020 ...................................................................................................... 50
Schlumberger Ltd, Oil & Gas, Deals By Type, 2014 to YTD 2020 ..................................................................................................... 51
Schlumberger Ltd, Recent Deals Summary ...................................................................................................................................... 52
Currency Codes ................................................................................................................................................................................ 67
Units ................................................................................................................................................................................................. 67
Capital Market Ratios....................................................................................................................................................................... 67
Equity Ratios .................................................................................................................................................................................... 68
Profitability Ratios............................................................................................................................................................................ 69
Cost Ratios ....................................................................................................................................................................................... 69
Liquidity Ratios................................................................................................................................................................................. 70
Leverage Ratios ................................................................................................................................................................................ 70
Efficiency Ratios ............................................................................................................................................................................... 70
List of Figures
Schlumberger Ltd, Performance Chart (2015 - 2019) ...................................................................................................................... 47
Schlumberger Ltd, Ratio Charts ....................................................................................................................................................... 49
Schlumberger Ltd, Oil & Gas, Deals By Year, 2014 to YTD 2020 ...................................................................................................... 50
Schlumberger Ltd, Oil & Gas, Deals by Type, 2014 to YTD 2020...................................................................................................... 51

Section 1 - About the Company

Schlumberger Ltd - Key Facts
Schlumberger Ltd, Key Facts
Corporate Address 17th Floor, 5599 San Felipe, Ticker Symbol, Exchange SLB [New York Stock Exchange]
Houston, TX, 75056, United
States
Telephone +1 713 5132000 No. of Employees 105,000
Fax Fiscal Year End December
URL www.slb.com Revenue (in USD Million) 32,917
Industry Energy and Utilities, Industrial
Goods and Machinery
Locations Algeria, Angola, Asia-Pacific, Australia, Azerbaijan, Bermuda, Bhutan, Brazil, Canada, China, Ecuador,
Egypt, Europe, France, Georgia, Germany, India, Indonesia, Italy, Kazakhstan, Kenya, Kuwait,
Malaysia, Mexico, Middle East and Africa, Netherlands, New Zealand, Nigeria, Norway, Poland,
Qatar, Russia, Saudi Arabia, South Africa, Turkey, United Arab Emirates, United Kingdom, United
States, Venezuela
Source: Annual Report, Company Website, Primary and Secondary Research GlobalData

Schlumberger Ltd - Key Employees

Schlumberger Ltd, Key Employees
Name Job Title Board Level Since Age
Mark G. Papa Chairman Executive Board 2019 73

Olivier Le Peuch Chief Executive Officer, Director Executive Board 2019 56
Lubna S. Olayan Director Non Executive Board 2011 64

Nikolay Kudryavtsev Director Non Executive Board 2007 69
Henri Seydoux Director Non Executive Board 2009 59
Leo Rafael Reif Director Non Executive Board 2007 69
Peter L.S. Currie Director Non Executive Board 2010 63
Indra K. Nooyi Director Non Executive Board 2015 64
Miguel M. Galuccio Director Non Executive Board 2017 51
Tatiana A. Mitrova Director Non Executive Board 2018 45
Patrick de La Chevardiere Director Non Executive Board 2019 62
Hinda Gharbi Executive Vice President Senior Management 2019 49
Reservoir & Infrastructure
Jean-Francois Poupeau Executive Vice President Senior Management 2017 58
Corporate Engagement
Ashok Belani Executive Vice President New Senior Management 2020 61
Energy
Alexander C. Juden General Counsel, Secretary Senior Management 2009 59
Khaled Al Mogharbel Executive Vice President Senior Management 2019 49

Operations
Patrick Schorn Executive Vice President Wells Senior Management 2018 51
Simon Farrant Vice President Investor Relations Senior Management 2014 55
Stephane Biguet Chief Financial Officer, Executive Senior Management 2020 51
Vice President
Abdellah Merad Executive Vice President Senior Management 2019 46
Performance Management
Saul R. Laureles Director Corporate Legal Affairs Senior Management 2014 54
Pierre Chereque Director Taxes, Vice President Senior Management 2017 65
Kevin Fyfe Controller, Vice President Senior Management 2017 46
Claudia Jaramillo Treasurer, Vice President Senior Management 2017 47
Vijay Kasibhatla Director Mergers and Senior Management 2013 56

Acquisitions
Demosthenis Pafitis Chief Technology Officer Senior Management 2020
Rajeev Sonthalia President Integrated Senior Management 2019 51
Performance Management

Gavin Rennick Vice President Human Resources Senior Management 2019 45

Donald Ross President North America Land Senior Management 2019 50

Schlumberger Ltd - Key Employee Biographies

Schlumberger Ltd, Key Employee Biographies
Mr. Mark G. Papa has been the Chairman of the company since 2019. He also
works as Chief Executive Officer and Chairman of Centennial Resource
Mark G. Papa Development Inc since October 2016. Prior to that, he served as Chief Executive
Job Title: Chairman Officer and Chairman of Silver Run Acquisition Corp. Mr. Papa also served as an
Advisor to Riverstone Holdings, LLC from February 2015 to December 2019.
Board Level: Executive Board Prior to that, he worked as Chairman and Chief Executive Officer of EOG
Since: 2019 Resources from 1999 to 2013 and as Director of EOG from 1999 until 2014. He
Age: 73 worked at EOG for 32 years in various management positions. Mr. Papa also
served on the board of Oil States International Inc from 2001 to August 2018.
Mr. Olivier Le Peuch has been the Chief Executive Officer and Director of the
company since August 2019. Prior to this, he worked as Chief Operating Officer
of the company from February 2019 to July 2019. Prior to that, he served in a
Olivier Le Peuch variety of global management positions, including Executive Vice President,
Job Title: Chief Executive Officer, Director Reservoir and Infrastructure from May 2018 to February 2019, President of the
Cameron product lines from February 2017 to May 2018, President of
Board Level: Executive Board Schlumberger Completions from October 2014 to January 2017, and Vice
Since: 2019 President of Engineering, Manufacturing and Sustaining from August 2010 to
Age: 56 September 2014. Earlier in his career, Mr. Le Peuch was GeoMarket Manager
for the North Sea and President of Software Integrated Solutions. He has been
with the Company since 1987.
Stephane Biguet
Mr. Stephane Biguet has been the Executive Vice President and Chief Financial
Job Title: Chief Financial Officer, Executive Vice
Officer of the company since January 2020. Previously, he served as the
President
company’s Vice President of Finance. He also worked as Vice President and
Treasurer from December 2016 to November 2017; Vice President, Operations
Board Level: Senior Management
and Controller from November 2013 to December 2016.
Since: 2020
Age: 51
Mr. Demosthenis Pafitis has been the Chief Technology Officer of the company
Demosthenis Pafitis since February 2020. Prior to this, he served as Senior Vice President of
Job Title: Chief Technology Officer Schlumberger 4.0 Platforms. He also worked as Global vice President of
Engineering, Manufacturing and Sustaining in 2014; GeoMarket Manager for
Board Level: Senior Management Malaysia, Brunei and Philippines in 2012; and Vice President Engineering for
Since: 2020 Schlumberger Oilfield Services in 2007. Mr. Pafitis joined the company in 1991.

Schlumberger Ltd - Major Products and Services

Schlumberger is an oilfield product and service provider. The company's key services include the following:
Schlumberger Ltd, Major Products and Services

Products:
Drilling Tools
Drilling Rigs
Completion Systems, Fluids, and Tools
Subsea Lift Systems
Geophysical Equipment
Surface Equipment
Exploration and Production Software
Drilling and Completion Fluids
Services:
Artificial Lift
Cementing
Coiled Tubing Services
Completions
Consulting and Data Services
Drilling
Formation Evaluation
Integrated Project Management
Production Optimization
Seismic Services
Stimulation
Subsea
Well Testing
BPO Financial Services
Carbon Services
Information Solutions
Software
Water Services
Seismic Data Acquisition and Processing
Open-Hole and Cased-Hole Wireline Logging

Drilling Services
Well Services
Well Completion Services
Integrated Project Management
Geophysical Services
Solids Control and Waste Management
Surface Data (Mud) Logging
Brands:
AvantGuard
OpenPath

Schlumberger Ltd - History

Schlumberger Ltd, History
2020 Contracts/Agreements In January, the company secured a contract from Equinor for the front-end
engineering design (FEED) on its Bacalhau project offshore Brazil.
2020 Divestiture In January, the company divested 49% stake in the Bandurria Sur Block in
Argentina to Shell Argentina and Equinor.
2019 Acquisitions/Mergers/Takeovers In September, the company acquired Flaresim Ltd.
2019 Contracts/Agreements In December, Schlumberger and Dataiku Technology collaborated to enable
enterprise scale artificial intelligence in E&P industry.
2019 Contracts/Agreements In January, the company secured a contract from Equinor for total well
delivery on the Peregrino C platform.
2019 Contracts/Agreements In July, the company signed a memorandum of understanding with Green
Energy International for the development of the Otakikpo project in Nigeria.
2019 Contracts/Agreements In May, Schlumberger renewed its contract with Google to utilize Google’s
cloud infrastructure and artificial intelligence capabilities.
2019 Contracts/Agreements In May, the company and TGS entered into partnership for multi-client
ocean-bottom node projects in the deepwater Gulf of Mexico.
2019 Contracts/Agreements In October, the company and Rockwell Automation entered into a joint
venture agreement to form Sensia, an integrated automation solutions
provider.
2019 Contracts/Agreements In September, Schlumberger collaborated with WesternGeco and IHS Markit
to provide analytics-ready data from IHS Markit directly accessible from the
GAIA platform.
2019 Contracts/Agreements In September, the company collaborated with Microsoft Corp, and Chevron
Corp to accelerate creation of petrotechnical and digital technologies.
2019 New Products/Services In August, the company announced to open source its data ecosystem to
accelerate the delivery of the OSDU data platform.
2019 New Products/Services In June, Schlumberger introduced the GAIA digital exploration platform.
2018 Contracts/Agreements In August, Basra Oil signed a contract with the company to dig five gas wells
in Siba gas field, Basra city.
2018 Contracts/Agreements In August, Schlumberger signed a petroleum agreement with Sound Energy,
for covering the Tendrara and Matarka areas.
2018 Contracts/Agreements In August, the company and Shearwater GeoServices signed a contract to
divest Schlumberger's marine seismic acquisition assets and operations of
WesternGeco to Shearwater.
2018 Contracts/Agreements In December, Schlumberger signed a contract with Iraq to drill 40 wells in the
giant Majnoon oilfield.
2018 Contracts/Agreements In December, the company was awarded with an EPC contract by Equinor for
the supply of all-electric actuated subsea boosting system in the Norwegian
North Sea.
2018 Contracts/Agreements In February, Schlumberger and Subsea 7 plans to form a joint venture.
2018 Contracts/Agreements In February, the company secured a a contract from Noble Energy Inc
regarding a process solution two-thousand-ton process module, which are to
be installed on Leviathan Field, to recover MEG used for hydrate inhibition.
2018 Contracts/Agreements In January, the company and DMWA Resources signed a memorandum of
understanding (MoU) on African oil and gas projects.
2018 Contracts/Agreements In July, the company signed an agreement with Petroleos Mexicanos to

license data from the WesternGeco Campeche wide-azimuth (WAZ)

multiclient seismic survey in Mexico.
2018 Contracts/Agreements In May, the company and Sri Lanka government entered into a contract to
assess prospects for oil and gas resources.
2018 Contracts/Agreements In May, the company was awarded the contracts to complete all three
phases its petrotechnical modelling of the Bigoray Nisku D and E Pools by
Pulse Oil Corp.
2018 Contracts/Agreements In October, the company signed a Memorandum of Understanding with OMV
to evaluate the collaboration models for digital solutions.
2018 Financing Agreements In April, the company invested in Houston Mechatronics to raise US$20
million.
2018 New Products/Services In August, the company launched MEMS Gyro Surveying Service.
2018 New Products/Services In March, the company introduced new perforating gun system.
2018 New Products/Services In November, the company introduced Concert, a new well testing
technology.
2018 New Products/Services In October, Hexacom, a division of the company launched Oilfield
Marketplace.
2018 New Products/Services In September, the company introduced HyperBlade hyperbolic diamond
element bit.
2018 New Products/Services In September, the company launched CemFIT Shield, a new zonal isolation
technology.
2018 Other In March, Ukrhazdobycha announced to implement software of the
Schlumberger for 3D modeling of deposits.
2017 Acquisitions/Mergers/Takeovers In August, Schlumberger acquired 30% stake in a Geophysical Services
Company, WesternGeco, from Baker Hughes for a consideration of US$2.41
billion.
2017 Acquisitions/Mergers/Takeovers In August, the company acquired remaining 50% interest in Petro-SPM
Integrated Services S.A. de C.V from Petrofac Ltd.
2017 Acquisitions/Mergers/Takeovers In December, the company agreed to acquire 40% stake in Kamana area
assets in Ecuador, from Tecpetrol.
2017 Acquisitions/Mergers/Takeovers In January, Schlumberger acquired US hydraulic fracturing business of
Weatherford International plc.
2017 Acquisitions/Mergers/Takeovers In January, Schlumberger announced the acquisition of Peak Well Systems.
2017 Acquisitions/Mergers/Takeovers In July, the company agreed to acquire 51% stake in Eurasia Drilling
Company.
2017 Acquisitions/Mergers/Takeovers In March, the company acquired stake in Norwegian rig operator, Borr
Drilling.
2017 Contracts/Agreements In April, Production Plus Energy signed an agreement with Schlumberger to
form joint ventures in the US and Canada to develop and grow the
Production Plus HEAL System business.
2017 Contracts/Agreements In April, Sound Energy and Schlumberger signed an agreement to extend the
field management for the Meridja and Tendrara relinquished areas onshore
Morocco.
2017 Contracts/Agreements In April, the company and Aker BP signed a contract to acquire 4D seismic
data for Alvheim, Boyla, Skarv/Snadd and Ula fields.
2017 Contracts/Agreements In April, the company entered into a joint venture agreement with YPF to
Start a Shale Oil Pilot in Bandurria Sur.
2017 Contracts/Agreements In April, the company entered into an agreement with Pemex for Multiclient

Wide-Azimuth Seismic Survey in the Campeche Basin.

2017 Contracts/Agreements In April, the company secured a EPC contract from BP to provide the subsea
production system for the Mad Dog 2 development in the Gulf of Mexico.
2017 Contracts/Agreements In April, YPF and Schlumberger signed an agreement for Vaca Muerta shale
formation, for a value at US$390 million.
2017 Contracts/Agreements In January, NNPC entered into collaboration contract with Schlumberger to
deploy state-of-the-art technology for the on Frontier Exploration of
hydrocarbon deposits in the Chad basin and other parts of the inland
sedimentary basins.
2017 Contracts/Agreements In January, OneSubsea, a subsidiary of the company was awarded
engineering, procurement and construction contract by Statoil to supply the
subsea production system for the Utgard gas and condensate discovery in the
North Sea.
2017 Contracts/Agreements In January, SCS Corp entered into a master service agreement with
Schlumberger to provide essential drilling services in deepwater exploration
well in the offshore Republic of Guinea.
2017 Contracts/Agreements In January, the company and Baker Hughes Incorporated secured a service
contract from Statoil ASA, for integrated drilling and services on the Cat J rigs
Askepott and Askeladden.
2017 Contracts/Agreements In July, Schlumberger (EPCIC) assign a contract by TAQA for the Otter field in
the UK North Sea for integrating subsea multiphase boosting system
2017 Contracts/Agreements In July, Schlumberger secured a contract to Petrogas Kahil to drill three
exploration wells in Block 55.
2017 Contracts/Agreements In June, Nigerian National Petroleum Corporation (NNPC), FIRST Exploration
& Production (First E&P) and Schlumberger entered into an agreement for
development of the Anyala and Madu fields under OML 83 and OML 85,
offshore Nigeria.
2017 Contracts/Agreements In June, the company and Seitel partnered for the acquirsition of new
geophysical data in key areas onshore Mexico.
2017 Contracts/Agreements In March, the company and Enviro Voraxial Technology signed a
comprehensive agreement to acquire Enviro Voraxial's intellectual property,
including its Voraxial Separator patents and trademarks.
2017 Contracts/Agreements In March, the company and Weatherford signed an agreement to form a joint
venture, OneStimSM, for the delivery of completions products and services.
2017 Contracts/Agreements In March, Weatherford and Schlumberger signed an agreement to form a
joint venture, OneStim, to deliver completions products and services to
develop unconventional resource plays in the US and Canada markets.
2017 Contracts/Agreements In May, Schlumberger and FairfieldNodal established a strategic multiclient
joint venture in the southern Delaware Basin, West Texas, the US.
2017 Contracts/Agreements In October, the company and Borr Drilling signed an agreement to provide
efficient drilling operations.
2017 Contracts/Agreements In October, the company and Torxen Energy to acquire the Palliser crude oil
and natural gas assets in southeastern Alberta, Canada from Cenovus Energy
for a value at US$1.3 billion.
2017 Contracts/Agreements In October, the company's OneSubsea was awarded an EPC contract from
Reliance Industries to supply the subsea production system for the R Cluster
(Block KG-D6) Project, offshore east coast of India.
2017 Corporate Changes/Expansions In March, the company inaugurated Production Technologies Center of
Excellence to carry out latest research, formulation analysis and testing.
2017 Corporate Changes/Expansions In November, the company opened the newly expanded reservoir rock and

fluid analysis laboratory located in Houston, Texas.

2017 Financing Agreements In March, the company invested in 908 Devices to raise US$20 million
through funding round.
2017 New Products/Services In March, the company introduced the Lift IQ production life cycle
management service, which offers monitoring, diagnostics and optimization
of artificial lift systems in real time.
2017 New Products/Services in May, Schlumberger introduced the new SpectraSphere fluid mapping-
while-drilling service to provide downhole fluid composition during drilling.
2017 New Products/Services In May, the company launched new Fluid Mapping-While-Drilling Service.
2017 New Products/Services In October, the company introduced the new integrated seat technology ball
valve, GROVE IST.
2017 New Products/Services In September, Schlumberger introduced the new digital well construction
planning solution, DrillPlan, to DELFI cognitive E&P environment.
2017 New Products/Services In September, the company introduced DrillPlan digital well construction
planning solution.
2016 Acquisitions/Mergers/Takeovers in August, TGS and Schlumberger acquired Revolution XII and XIII surveys in
the U.S. Gulf of Mexico related to new dual coil shooting Full-Azimuth
multiclient.
2016 Acquisitions/Mergers/Takeovers In June, Schlumberger acquired Omron Oilfield and Marine, Inc., providers of
automation technology and solutions.
2016 Acquisitions/Mergers/Takeovers In June, the company acquired Saltel Industries.
2016 Acquisitions/Mergers/Takeovers In March, Schlumberger acquired Asset Development & Improvement Ltd.
2016 Acquisitions/Mergers/Takeovers In March, Schlumberger Limited acquired Meta Downhole Limited to advance
downhole completions technology and solutions.
2016 Commercial Operation In December, the company initiated the production drilling on the Statoil
operated Mariner field in the UK North Sea.
2016 Commercial Operation In June, PDVSA maintains its operational relationship with Schlumberger
services company.
2016 Commercial Operation In September, Schlumberger planned for the GeoTesting, a geology-based
well test design and interpretation services.
2016 Contracts/Agreements In April, Ophir and Schlumberger terminated their Heads of Terms
Agreement for Fortuna FLNG project, offshore Equatorial Guinea.
2016 Contracts/Agreements In April, Packers Plus and Schlumberger partnered to serve global key
markets.
2016 Contracts/Agreements In August, Oil and Gas Authority awarded GBP6 million worth contracts to
Schlumberger and British Geological Survey for surface and subsurface
studies in the UK Continental Shelf.
2016 Contracts/Agreements In August, Schlumberger WesternGeco and DownUnder Geosolutions
secured two contracts from the Oil and Gas Authority to build frontier
seismic database, which valued more than GBP2.5 million.
2016 Contracts/Agreements In August, The Oil and Gas Authority has awarded four contracts which value
than £6m over three years for surface and subsurface studies. Few of the
recipients of the contracts are Lloyd’s Register, British Geological Survey and
Schlumberger.
2016 Contracts/Agreements In December, Schlumberger along with E.ON and Shell Technology Ventures
awarded GBP5 million to Kite Power Systems to advance the high-altitude
wind power generation technology.
2016 Contracts/Agreements In January, Golar LNG signed a Memorandum of Understanding with
Schlumberger to co-operate on the global development of greenfield,

brownfield and stranded gas reserves.

2016 Contracts/Agreements In January, M-I SWACO, a Schlumberger company, was awarded a contract
worth NOK 500 million by Statoil for new tank cleaning technology.
2016 Contracts/Agreements In January, Ophir signed a Heads of Terms Agreement with Schlumberger for
Fortuna FLNG project, offshore Equatorial Guinea.
2016 Contracts/Agreements In July, Golar LNG Limited and Schlumberger formed a joint venture, OneLNG
to develop low cost gas reserves to LNG.
2016 Contracts/Agreements In July, Schlumberger entered into an agreement with Sound Energy to
provide EUR7.5 million worth services to Badile well.
2016 Contracts/Agreements In June, MYCELX Technologies signed an agreement with Cameron, a
Schlumberger company, to distribute MYCELX products in the upstream
market.
2016 Contracts/Agreements In May, DOF's subsidiary DOF Management Australia Pty Ltd has made two
contracts with Schlumberger Asia Services Ltd for Skandi Emerald and Skandi
Giant to utilize the anchors.
2016 Contracts/Agreements In May, Schlumberger was awarded a US$75 million contract from Sonatrach
for cementing and pumping services.
2016 Contracts/Agreements In May, Wintershall Norge entered a four year contract for supply of well
completion equipment and services for its operated drilling activities in
Norway and Tendeka, TCO, Schlumberger, PTC and Interwell would be
supplying the remaining equipment and services.
2016 Contracts/Agreements In November, the company and National Iranian South Oilfields Company
signed a memorandum of understanding for the study on two Karanj and
Shadgan fields.
2016 Contracts/Agreements In November, ADNOC signed an agreement with Schlumberger, regarding the
license of ADNOC’s proprietary offshore drilling technology to utilize in
Schlumberger’s portfolio of drilling services.
2016 Contracts/Agreements In November, Ophir and OneLNG, a joint venture between subsidiaries of
Golar LNG Limited and Schlumberger, to form a Joint operating company to
develop Fortuna FLNG Project.
2016 Contracts/Agreements In October, Accenture extended the five-year agreement with Schlumberger,
with transformational finance and accounting BPO services through 2021.
2016 Contracts/Agreements In October, Helix Energy Solutions Group and Schlumberger signed the
subsea services alliance, to launch the development of the first Riserless
Open-water Abandonment Module (ROAM).
2016 Contracts/Agreements In September, BP along with Rosneft and Schlumberger entered into a
collaboration for seismic research and development.
2016 Contracts/Agreements In September, Highlands entered into an agreement with Schlumberger to
extend the technology trial and evaluation period in its previously signed
licence agreement.
2016 Corporate Changes/Expansions In May, Schlumberger launched the MaxPull high-pull wireline conveyance
system, helps in pulling from 18,000 lbf to 30,000 lbf in wells 40,000 ft deep
or more.
2016 Corporate Changes/Expansions In October, Schlumberger Inaugurated its new reservoir and rock analysis
laboratory located in Abu Dhabi, UAE.
2016 Financing Agreements In January, Ital Gas Storage (IGS) received funding of EUR1 billion from a
consortium of international banks for the construction of a 1.3 billion cubic
metre (bcm) gas storage plant in northern Italy.
2016 New Products/Services In March, the company introduced the new real-time downhole flow
measurement service, ACTive Q CT.

2016 New Products/Services In March, the company launched AxeBlade ridged diamond element bit.
2016 New Products/Services In May, Schlumberger introduced Maze, microfluidic SARA analysis for
reservoir fluids characterization, the first commercial application of
microfluidic analysis technology in the oil and gas industry.
2016 New Products/Services In November, the company introduced a new diversion stimulation service,
OpenPath Sequence, that diverts acid into additional zones for maximizing
wellbore coverage.
2016 New Products/Services In September, Schlumberger WesternGeco and ION Geophysical Corporation
launched 3D multiclient reimaging broadband program, which utilizes
National Hydrocarbons Commission data library of Mexico.
2016 Other In February, EU approved Schlumberger's acquisition of Cameron for US$14.3
billion.
2016 Other In January, Schlumberger Limited planned to cut 10,000 jobs from its current
95,000 staff due to abrupt cancelling projects.
2016 Plans/Strategy In August, TGS and Schlumberger planned to acquire the Dual Coil Shooting
multivessel full-azimuth in the U.S. Gulf of Mexico.
2016 Regulatory Approval In February, the company received unconditional clearance from European
Commission for its merger acquisition of Cameron International Corporation.
2015 Acquisitions/Mergers/Takeovers In March, Nova Metrix acquired Schlumberger Water Services Technology
Group.
2015 Acquisitions/Mergers/Takeovers In March, the company acquired approximately 2,750 sq km of two new full-
azimuth multiclient seismic surveys over the Garden Banks and Green
Canyon areas in the Gulf of Mexico.
2015 Acquisitions/Mergers/Takeovers In November, the company acquired Fluid Inclusion Technologies, Inc.
2015 Acquisitions/Mergers/Takeovers In September, Schlumberger Limited, acquired T&T Engineering Services, Inc.
2015 Acquisitions/Mergers/Takeovers In September, Schlumberger has acquired Novatek Inc. and Novatek IP.
2015 Contracts/Agreements In April, OneSubsea and Schlumberger company secured a multi-million
dollar contract to supply subsea systems for the BP West Nile Delta Taurus
Libra development offshore Egypt.
2015 Contracts/Agreements In April, Spectrum entered into an agreement with Schlumberger to acquire
50% ownership in
Spectrum's Pelotas multiclient program.
2015 Contracts/Agreements In August, OneSubsea, a Cameron and Schlumberger company, was awarded
a contract to supply subsea processing systems for the Shell Offshore Inc.
stones development in the Gulf of Mexico.
2015 Contracts/Agreements In August, Schlumberger and IBM partnered to provide integrated services to
optimize integrated upstream production operations.
2015 Contracts/Agreements In August, Schlumberger signed a definitive merger agreement to acquire
Cameron International that both companies will combine in a stock and cash
transaction.
2015 Contracts/Agreements In December, BAUER Maschinen GmbH sealed a joint venture with
Schlumberger in oil and gas drilling business.
2015 Contracts/Agreements In December, Schlumberger entered into an agreement with Statoil Gulf of
Mexico, a subsidiary of Statoil ASA, to license a large part of the
WesternGeco Campeche wide-azimuth (WAZ) deepwater multiclient seismic
survey in the southern Gulf of Mexico.
2015 Contracts/Agreements In January, Helix Energy Solutions Group, One Subsea, and Schlumberger has
entered into an a definitive agreements for the companies’s non-
incorporated alliance, formed to develop technologies and deliver equipment
and services to optimize the value chain of subsea well intervention systems.

2015 Contracts/Agreements In January, Schlumberger entered into an agreement with Eurasia Drilling to
acquire 45.65% interest in EDC.
2015 Contracts/Agreements In January, the company plans to acquire 46.45% stake in Eurasia Drilling for
US$1700 million.
2015 Contracts/Agreements In July, Petroleum Geo-Services entered into a cooperation agreement with
Spectrum and Schlumberger, for the acquisition of 80,000 - 100,000
kilometers of modern, long-offset 2D data encompassing all the major
hydrocarbon provinces offshore Mexico.
2015 Contracts/Agreements In March, OneSubsea, Cameron and Schlumberger delivered the world’s first
subsea Multiphase Compressor to Statoil for the Gullfaks South field in the
North Sea.
2015 Contracts/Agreements In March, Schlumberger signed a long-term software contract with Chevron
Energy Technology Company for universal access to the Petrel E&P software
platform across Chevron’s entire earth sciences organization.
2015 Contracts/Agreements In May, OneSubsea, Cameron and Schlumberger secured a subsea
production systems contract worth approximately US$330 million for a gas
project offshore North Africa.
2015 Contracts/Agreements In September, Eurasia Drilling agreed to extend a deadline on a proposed
deal to sell a stake to Schlumberger to 30 september 2015.
2015 Contracts/Agreements In September, OneSubsea, a Cameron and Schlumberger company, secured a
front-end engineering and design (FEED) contract for the Greater Enfield
Area Development offshore northwest Australia.
2015 Contracts/Agreements In September, Providence Resources plc signed a strategic and exploration
collaboration agreement with Schlumberger under which Schlumberger will
establish state of the art technology access to Providence Resources.
2015 Corporate Changes/Expansions In August, Schlumberger launched a new survey in the Campeche Basin,
expanding its Gulf of Mexico multiclient wide-azimuth seismic data portfolio.
2015 Divestiture In December, Schlumberger priced the private placement of 3% senior notes,
due December 21, 2020, for gross proceeds of US$1,600 million, in a private
placement.
2015 Financing Agreements In December, Schlumberger Limited, priced the private placement of 3.625%
senior notes, due December 21, 2022, for gross proceeds of US$850 million,
in a private placement.
2015 Financing Agreements In December, Schlumberger Limited, priced the private placement of 4%
senior notes, due December 21, 2025, for gross proceeds of US$1,750
million, in a private placement.
2015 Financing Agreements In December, Schlumberger priced the private placement of 2.35% senior
notes, due December 21, 2018, for gross proceeds of US$1,300 million, in a
private placement.
2015 Financing Agreements In March, Nantero raised US$15 million through Venture financing, invested
by the company.
2015 New Products/Services In February, Schlumberger introduced industry first fully dissolvable plug-
and-perf system, Infinity.
2015 New Products/Services In June, the company announced the launch of the Depth Domain Inversion
services.
2015 New Products/Services In March, the company launched ACTive OptiFIRE, a coiled tubing real-time
selective perforating and activation system.
2015 New Products/Services In March, the company launched ACTive Straddle, a coiled tubing real-time
multiset inflatable packer.
2015 New Products/Services In March, the company launched TeleScope ICE ultrahigh-temperature

measurements, a new drilling technology.

2015 Plans/Strategy In September, Bauer Maschinen GmbH plans to form a joint venture with
Schlumberger.
2014 Acquisitions/Mergers/Takeovers In March, the company acquired Rock Deformation Research, a company
engaged in the development of geological software and structural geology
consultancy for the oil and gas industry.
2014 Acquisitions/Mergers/Takeovers In March, the company has acquired remaining shares of SES Holdings
Limited from First Reserve and certain members of Saxon management.
2014 Acquisitions/Mergers/Takeovers In May, the company acquired KUDU Industries Inc., from PCM.
2014 Asset Disposal In June, the company announced its plans to sell its certain oilfield
equipment in Afghanistan to Bayat Energy
2014 Contracts/Agreements In August, the company has signed a letter of intent with OneSubsea and
Helix Energy Solutions Group, Inc., to form subsea well intervention alliance.
2014 Contracts/Agreements In August, the company signed a letter of intent with Helix Energy Solutions
Group, Inc., to form an alliance to develop technologies and deliver services
to optimize the cost and efficiency of subsea well intervention systems.
2014 Contracts/Agreements In December, the company secured a contract from Statoil for integrated
drilling and well services on the Mariner field on the UK continental shelf
2014 Contracts/Agreements In July, the company has entered into a strategic technology and service
agreement and marketing alliance with Precision Drilling Corporation.
2014 Contracts/Agreements In October, OneSubsea and Schlumberger have signed a 10 year global frame
agreement with BG Group to supply subsea production equipment and
aftermarket services.
2014 Contracts/Agreements The company agreed to invest US$20 million to build a new facility for its
artificial lift solution business at the Great Western Industrial Park, an
affiliate of The Broe Group, in Denver, Colorado, the US.
2014 New Products/Services In August, the company introduced Petrel Shale software to offer an end-to-
end workflow from exploration to production.
2014 New Products/Services In February, the company has announced the commercialization of its
PeriScope HD multilayer bed boundary detection service.
2014 New Products/Services In February, the company has launched MS Recon high-fidelity microseismic
surface acquisition system.
2014 New Products/Services In February, the company introduced the Elemental degradable alloy balls for
multistage stimulation treatments.
2014 New Products/Services In February, the company launched Degradable Alloy Technology, to optimize
well productivity.
2014 New Products/Services In March, the company has launched the PowerDrive Orbit rotary steerable
system.
2014 New Products/Services In March, the company launched the PowerDrive Orbit rotary steerable
system (RSS).
2014 New Products/Services In May, the company has introduced the GeoSphere reservoir mapping-
while-drilling service.
2014 New Products/Services In October, the company introduced StingBlade Conical Diamond Element
Bit, which increase run length and rate of penetration while delivering
improved steering response in directional applications.
2014 New Products/Services In October, the company launched Invizion Evaluation well integrity service,
which helps operators evaluate zonal isolation.
2014 New Products/Services In September, the company has launched 2014 versions of its industry
leading software platforms.

2014 New Products/Services In September, the company released Petrel E&P software platform, Techlog
wellbore software platform, Studio E&P knowledge environment and Ocean
software development framework , to enhance multidisciplinary integration,
collaboration and productivity.
2014 New Products/Services Smith Bits introduced StingBlade, a conical diamond technology, which
increases run length and rate of penetration and offers improved steering
response in directional applications.
2014 New Products/Services The company introduced the BroadBand Sequence fracturing technique,
which enables sequential stimulation of perforation clusters in wells drilled in
unconventional reservoirs.
2014 New Products/Services The company introduced well integrity services to provide assurance to E&P
operators through enhanced cement evaluation techniques.
2013 Acquisitions/Mergers/Takeovers In June, the company acquired Gushor Inc., a petroleum geochemistry and
fluid analysis company.
2013 Acquisitions/Mergers/Takeovers In October, the company acquired Shores Lift Solutions, a provider of
artificial rod lift equipment, field services and optimization solutions to oil
and gas operators from White Deer Energy L.P.
2013 Contracts/Agreements In April, Baker Hughes Incorporated, entered into a joint venture agreement
with Schlumberger, for the purpose of creating a seismic venture named as
Western GECO.
2013 Contracts/Agreements In April, the company has entered into an agreement to acquire 50% working
interest in EagleFord Shale assets in Texas from Forest Oil, for purchase
consideration of US$90 million.
2013 Contracts/Agreements In September, Schlumberger Limited awarded a contract to ERGIL to provide
fuel storage tanks, storage tank equipment and complete loading system for
their ongoing projects.
2013 Corporate Changes/Expansions In June, Cameron and Schlumberger established a joint venture company
Onesubsea LLC.
2013 Corporate Changes/Expansions In November, the company has announced the official opening of the
Schlumberger Reservoir Laboratory in Brisbane, Australia.
2013 New Products/Services In March, the company introduced the DigiScope slimhole measurement-
while-drilling service.
2013 New Products/Services In March, Smith Bits, a Schlumberger company introduced Stinger conical
diamond technology, which enables high-point loading to fracture rock more
efficiently during drilling for increased rate of penetration (ROP) and
durability.
2013 New Products/Services In March, the company introduced CoilScan real-time coiled tubing pipe
inspection system.
2013 New Products/Services In November, the company announced the release of the Vx Spectra surface
multiphase flowmeter, which is the latest generation of multiphase
flowmeters for offshore and land applications.
2013 New Products/Services In October, the company has announced the release of the SonicScope
multipole sonic-while-drilling service for wells with large boreholes.
2012 Acquisitions/Mergers/Takeovers In April, the company has acquired Geophysical Exploration & Development
(GEDCO), a Calgary-based provider of integrated geophysical survey design
software and services.
2012 Acquisitions/Mergers/Takeovers In December, the company acquired GeoKnowledge, a Norwegian-based
software company specialized in delivering exploration decision-support
solutions for the oil and gas industry.
2012 Acquisitions/Mergers/Takeovers In July, the company has acquried 20% minority stock in Anton Oilfield
Services Group.

2012 Acquisitions/Mergers/Takeovers In March, the company acquired SPT Group.

2012 Contracts/Agreements In April, the company entered into a definitive agreement with Tesco
Corporation to acquire Casing drilling division for consideration of $45m.
2012 Contracts/Agreements In April, the company entered into an agreement with National Oilwell Varco,
Inc. to sell off its Wilson distribution business.
2012 Contracts/Agreements In January, the company's production management division (SPM) entered
into a co-operation agreement with Petrofac, to deliver integrated and high-
value production projects in the emerging and growing production services
market.
2012 Contracts/Agreements In June, the company announced a jointventure with Liquid Robotics, Inc. to
develop services for the oil and gas industry with an equal ownership.
2012 Contracts/Agreements In November, the company in collaboration with Cameron International
Corp. established a joint venture to manufacture subsea oil and gas products.
2012 Contracts/Agreements In October, Framo Engineering, a Schlumberger company received a contract
from Total E&P Angola for the supply of a subsea multiphase pumping
system for the Girassol Resources Initiatives Project.
2012 Contracts/Agreements In September, the company and Anton Oilfield Services Group announced a
joint venture to deliver integrated project management services.
2012 Corporate Changes/Expansions In September, the company established Schlumberger China Petroleum
Institute (SCPI) in the Chaoyang district of Beijing.
2012 New Products/Services In August, Framo Engineering, a Schlumberger company was awarded a 100-
million USD contract for the supply of a complete subsea multiphase booster
pump system for the Draugen Field in Norway.
2012 New Products/Services In August, the company launched ReSOLVE instrumented wireline
intervention service, a modular system of intelligent wireline-deployed
services that provides real-time measurement and control in a small
footprint.
2012 New Products/Services In August, the company released the Rhino XC on-demand reamer. This next-
generation reaming tool provides unlimited activation of the flow actuation
system to reliably enlarge boreholes.
2012 New Products/Services In June, the company introduced the SPARK stimulation technology delivery
platform to address stimulation needs.
2012 New Products/Services In March, Schlumberger introduced the iPZIG at-bit inclination, gamma ray
and imaging service.
2012 New Products/Services In October, Schlumberger introduced new Viking Bits family of drill bits.
2012 New Products/Services In October, the company introduced its next-generation Spear shale-
optimized steel-body polycrystalline diamond compact drill bit tailored for
unconventional shale plays. The company also introduced the Saturn 3D
radial probe as the newest module for the MDT modular formation dynamics
tester.
2011 Acquisitions/Mergers/Takeovers In December, the company completed the acquisition of ThruBit, LLC, a shell
technology ventures fund portfolio company.
2011 Acquisitions/Mergers/Takeovers In June, the company acquired the remaining equity shares of Framo
Engineering AS, a privately owned Norwegian company specialized in
providing multiphase pumps and subsea pump-systems, multiphase metering
systems, and swivels and marine systems to the oil and gas industry.
2011 Contracts/Agreements In May, the company and Eurasia Drilling Company Limited completed the
sale and purchase of each other’s drilling and service assets together with the
formation of a Strategic Alliance.
2011 Corporate Changes/Expansions In July, the company inaugurated the WesternGeco Penang Product Centre

(WPPC) dedicated to the manufacturing and support of state-of-the-art

marine and land seismic equipment designed to illuminate complex
geologies, improve operational efficiencies and deliver superior data quality.
2011 New Products/Services In April-March, the company launched telemetry-enabled slickline platform,
new wireless downhole reservoir testing system, new fiber system to reduce
nonproductive time, new high build rate rotary steerable system for
increased reservoir exposure and multipole sonic-while-drilling service.
2011 New Products/Services In August, the company launched its third-generation REDA HotlineSA3 high-
temperature electric submersible pump (ESP) system for steam-assisted
recovery operations and geothermal applications.
2011 New Products/Services In November, the company released its production operations software
platform the Avocet 2012, an integrated platform that combines well
operations and production data management systems.
2011 New Products/Services In September, the company's Smith Bits division introduced next generation
premium PDC cutter; and M-I SWACO division introduced new vacuum debris
removal tool.
2010 Acquisitions/Mergers/Takeovers In August, the company completed its merger with Smith International, Inc.
2010 Acquisitions/Mergers/Takeovers In March, Schlumberger and Smith International, Inc entered into a merger
agreement.
2010 Acquisitions/Mergers/Takeovers In March, the company acquired Nexus Geosciences, Inc., a Houston-based
provider of integrated seismic software and services.
2010 Acquisitions/Mergers/Takeovers The company acquired Geoservices, a privately owned French oilfield
services company in the first quarter of 2010.
2010 Contracts/Agreements The company signed an agreement with New Tech Engineering to provide
wellsite consultants and engineering services for Schlumberger Integrated
Project Management (IPM) activities across the world in the first quarter of
2010.
2010 Corporate Changes/Expansions In November, the company inaugurated a new research and geoengineering
center in Rio de Janeiro, Brazil.
2010 Management Changes In February, Kibsgaard was appointed as the Chief Operating Officer of the
company.
2009 Acquisitions/Mergers/Takeovers National Oilwell Varco, Inc., a designer and manufacturer of oilfield
equipment and components, and Schlumberger Limited formed a joint
venture to provide high-speed drill string telemetry systems to improve the
efficiency and safety of oil and gas operations.
2009 Contracts/Agreements In November, the company announced an agreement with Rock Deformation
Research Limited (RDR) to provide the RDR structural analysis module within
the Petrel seismic-to-simulation workflow.
2009 Contracts/Agreements In September, the company signed a joint cooperation agreement with the
Universidade Federal do Rio de Janeiro (UFRJ) to build an international
research center on the university’s campus.
2009 Contracts/Agreements The company signed a global cooperation agreement with Technip to jointly
develop subsea integrity and surveillance solutions for flexible pipes used in
deep offshore oil and gas production.
2009 Corporate Changes/Expansions In December, Schlumberger Business Consulting the management
consultancy arm of Schlumberger Limited opened four new offices in New
Delhi, Rio de Janeiro, Beijing and the Middle East (Abu Dhabi).
2009 New Products/Services In October, Schlumberger opened the new reservoir completions
manufacturing center in Dammam, Saudi Arabia.
2009 New Products/Services In September, Schlumberger released its TuffTRAC cased hole services
tractor. The new tractor runs on multi-conductor wireline cables.

2008 Acquisitions/Mergers/Takeovers In June, Schlumberger acquired Integrated Exploration Systems, Inc.

2008 Acquisitions/Mergers/Takeovers In May, Schlumberger acquired Exclusive Distribution Rights to BabelFish
Production Operations Integration Software for upstream oil & gas.
2008 Contracts/Agreements In February, the company entered into an agreement with CO2CRC, for
providing carbon
dioxide storage solutions to companies seeking to manage and control
greenhouse gas
emissions.
2008 Contracts/Agreements In June, Schlumberger made an agreement with Hess Corporation for
providing geological, geophysical, reservoir engineering, economics, drilling,
and production software.
2007 Acquisitions/Mergers/Takeovers In December, Schlumberger acquired Eastern Echo Holding Plc.
2007 Acquisitions/Mergers/Takeovers The company completed acquisitions of Geosystem and
Tyumenpromgeofizika.
2006 Acquisitions/Mergers/Takeovers The company acquired Reslink, is a Norwegian-based supplier of advanced
completion solutions.
2006 Acquisitions/Mergers/Takeovers The company acquired the remaining 30% minority interest in WesternGeco
from Baker Hughes Incorporated.
2006 Contracts/Agreements SIS and Statoil entered into a three-year technology collaboration agreement
in May 2006 to develop new production optimization technologies to extend
the life of oil and gas fields.
2006 New Products/Services Schlumberger announced the commercial availability of its new Quicksilver
Probe wireline sampling technology during May 2006. This technology brings
near contamination-free samples of formation fluids in a fraction of the time
it takes with conventional sampling techniques.
2006 New Products/Services The company introduced the Quicksilver Probe wireline sampling technology.
2005 Acquisitions/Mergers/Takeovers In May, Schlumberger completed acquisition of the assets of Diamould Ltd.
2005 Acquisitions/Mergers/Takeovers Schlumberger acquired an additional 25% of PetroAlliance Services, bringing
its total ownership interest to 51%.
2005 Divestiture The company completed the sale of its Global TelLink, Public Phones and
Essentis activities during the first quarter of 2005.
2004 Acquisitions/Mergers/Takeovers Schlumberger acquired AOA Geomarine Operations, a privately owned
company in 2004. AGO provided marine controlled-source electromagnetic
and marine magneto telluric services for offshore exploration.
2004 Acquisitions/Mergers/Takeovers SIS also acquired the assets of Decision Team, an oil and gas software and
consulting services firm based in Baden, Austria. SIS allied with Aspen
Technology in 2004, for a five year period, to provide the oil and gas business
with real-time software solution.
2004 Contracts/Agreements WesternGeco signed an agreement with Statoil for the industry's first long-
term seismic reservoir monitoring program in 2004.
2004 Corporate Changes/Expansions SIS formed the Schlumberger Business Consulting group (SBC), to focus on
the growing demand for optimization of upstream oil and gas industry
operations.
2004 Divestiture Schlumberger sold its subsidiary, SchlumbergerSema, to Atos Origin, an
information technology services company, in 2004.
2003 Contracts/Agreements Schlumberger signed an agreement to acquire the PetroAlliance Services
Company.
2003 Contracts/Agreements SchlumbergerSema, the Information Technology (IT) business segment of
Schlumberger, and Sun Microsystems entered into an agreement in 2003 to
bring utility computing solutions for the energy, finance, telecommunication

and the public sectors around the world.

2003 Divestiture The company exit from the chip-testing business by selling off its
Schlumberger Verification Systems business unit to Soluris.
2003 Divestiture The company’s subsidiaries sold the NP Test business unit to a partnership
led by Francisco Partners and Shah Management in 2003, and Schlumberger
Information Solutions (SIS) acquired VoxelVision.
2002 Acquisitions/Mergers/Takeovers The company acquired Canadian-based A. Comeau and Associates, a provider
of electrical engineering products and services for artificially lifted wells.
2002 Corporate Changes/Expansions In an effort to expand its IT offerings to its oilfield service customers, the
company acquired Norway-based Inside Reality, an oil services virtual reality
technology development company, in 2002.
2001 Acquisitions/Mergers/Takeovers The company continued to build its portfolio during the next 15 years. In
2001, it changed its product offering when it acquired Sema, an IT services
company, a provider of information technology solutions to the
telecommunications, utility, finance, transport, and public sectors.
1984 Acquisitions/Mergers/Takeovers The company acquired SEDCO, another drilling company, and later GECO, a
seismic firm, in the following year.
1982 Other The company earned US$1.3 billion in profits, making it the most profitable
of the world's 1000 largest corporations.
1960 Corporate Changes/Expansions In the 1960s, Schlumberger moved its headquarters to the New York city.
1960 Stock Listings/IPO The company's headquarters were moved to Houston; the firm was
incorporated in Curacao for tax purposes and the new company was listed on
the New York Stock Exchange.
1959 Corporate Changes/Expansions The company’s expansion began in 1959, with the acquisition of Forages et
Exploitations Petrolieres (oil drilling company in France), and continued with
the acquisition of Solatron (U.K.) in 1961.
1956 Incorporation/Establishment Schlumberger Limited was formed at Curacao, as the holding company for all
Schlumberger businesses.
1946 Corporate Changes/Expansions North American Wireline Operations was established in Houston in 1946.
1934 Incorporation/Establishment The company founded a new firm in Houston known as Schlumberger Well
Surveying Corporation.
1932 Other Schlumberger entered the US market in 1932 when Shell Oil hired it to run
logs in California and on the Texas Gulf Coast.
1929 Contracts/Agreements Schlumberger signed its first major agreement to search for oil with the
Soviet Union.
1927 Other Pechelbronn Oil Company awarded a contract to Schlumberger.
1919 Incorporation/Establishment Schlumberger was founded in 1919 as Societe de Prospection Electrique.

Schlumberger Ltd - Company Statement
A statement by Mr. Paal Kibsgaard the Chairman and Chief Executive Officer of Schlumberger Ltd is given below. The statement has been
taken from the company’s 2019 Annual Report.
As we close out a very productive year and head into 2020 with resolve, I want to thank you, our shareholders, for your continued support. I
would also like to personally thank each Schlumberger employee and contractor for their commitment to the company. Of course, our success
hinges on the continued trust of our customers, whom we also thank.
The energy industry is changing, and our vision is to define and drive high performance sustainably. Simply put, our ambition is to be the
performance partner of choice for our customers and the industry. We believe that by focusing on performance, we can help usher in a new
era for the energy industry, improving our results while addressing our shareholders’ and other stakeholders’ environmental, social, and
governance concerns.
Energy demand fundamentals remain favorable for the oil and gas sector. The International Energy Agency (IEA) predicts that the exploration
and production (E&P) industry will continue to contribute about 55% of the energy mix through 2030, though markets are becoming more
regionalized and volatile.
Oil demand growth slowed in 2019 in response to tariff disputes and their impact on trade while the Organization of the Petroleum Exporting
Countries (OPEC) worked to mitigate oversupply at the global level. At the same time, US production overwhelmed global demand due to
elevated drilling and completions activity during the first half of the year. Budget discipline caused a sharp reduction in activity during the
second half of 2019, resulting in an annual contraction of North America spending. In contrast, international upstream investment grew for a
second consecutive year, particularly offshore. This trend is expected to continue.
Against this backdrop, Schlumberger full-year 2019 revenue of $32.9 billion was essentially flat with 2018. International revenue, however,
grew in the high single digits as we had anticipated.
Indeed, our performance also reflects new technology sales that represented 26% of total sales—the highest since 2014—and demonstrates
how our new technology portfolio delivers a quantifiable performance impact for our customers. During 2019, we commercialized several
new technologies, such as the GAIA digital subsurface platform for rapid access to basin-scale data and management of exploration
opportunities, the Ora intelligent wireline formation testing platform for dynamic reservoir characterization, and the NeoSteer at-bit steerable
system, a fit-for-basin technology for drilling horizontal wells in a single run.
Throughout the year, I had the privilege of participating in many customer meetings and industry events across our GeoMarkets. Our
customers have reacted very positively to our vision and the elements of the strategy that we shared with them. And, as a leader in the digital
transformation of the industry, perhaps our most significant customer event of the year was our Software Integrated Solutions (SIS) global
digital forum, the SIS Global Forum 2019, which took place in Monaco in September with more than 700 customers in attendance.
During the Forum we announced the open sourcing of the DELFI cognitive E&P environment and its contribution to The Open Group Open
Subsurface Data Universe™ (OSDU) organization. Contributing elements of our core technology provides a foundation to unleash the power of
open digital innovation for the benefit of upstream oil and gas industry performance. The Forum’s theme was “The Future is Open,” and the
feedback from customers and partners was unanimous—we have opened a new digital chapter for the industry. The digital era will enable
new levels of efficiency and sustainable outcomes for our customers and for Schlumberger.
To make the leap in performance that our customers need to deliver energy in today’s competitive environment, we are developing and
deploying digital solutions—focused on generating richer data and deeper insights—to achieve performance not previously possible across
the E&P industry. We are also accelerating the commercialization of new digital solutions built in the DELFI environment— spanning
exploration, development, and production from office to field operations—each of which leverages the scalability and cognitive features of
the DELFI environment.
We also formed the Sensia joint venture with Rockwell Automation, creating the most integrated provider of measurement solutions,
production domain expertise, and automation to the oil and gas industry. Sensia will play an important role in the digital transformation of
our industry and create value for our customers through its comprehensive solution that can forecast, track, report, and resolve hydrocarbon
production and transportation challenges.
Our technology platform and modernized operating system form the foundation that will enable our vision. Building on this, in the third
quarter we embarked on a new corporate strategy for long-term outperformance— a strategy that will define the Schlumberger of tomorrow.

Customer performance is positioned at the center of our strategy, which consists of three key themes: Strengthen the Core, Expand the Go-
to-Market, and Next Horizons of Growth. This year we launched 4 of 10 key elements of our strategy, including leading and driving digital
transformation, developing fit-for-basin solutions, capturing value from the performance impact for our customers, and fostering capital
stewardship.
We have generated a great deal of enthusiasm in response to our corporate strategy, the first element of which is People First—because
without the commitment and engagement of our highly skilled and diverse workforce, we would not be able to achieve our vision.
Central to our ability to drive high performance is, first and foremost, keeping our people safe. We improved our safety performance in 2019,
decreasing our industryrecognized figures for the rate of auto accidents per million miles and combined lost-time injury frequency. This was
our best year on record in terms of safety performance and sets a new benchmark for the industry as we extend our leadership and partner
with more of our customers to share best practices.
An integral part of our vision is our responsibility to our stakeholders, the environment, and the communities where we live and work. We
took a major step on our stewardship 4 journey in December, when we became the first company in upstream E&P services to commit to
setting a science-based target in line with the expectations of the Science Based Targets initiative to reduce our greenhouse gas (GHG)
emissions and drive measurable progress related to climate change. This step reinforces our commitment to leverage our talented people,
including our extensive scientific community, in building a future where high performance supports a more resilient and sustainable
industry—a better, cleaner, safer industry.
Before closing, I want to share with you our company’s purpose as we move forward:
“Together we create amazing technology that unlocks access to energy for the benefit of all.”
This purpose is timeless and enduring. It will drive us through the decades to come, whatever challenges they bring. I look forward to guiding
the people of Schlumberger as we embrace this new chapter, align around our vision and purpose, and strive to live our values through our
behaviors every day.
Since stepping into the role of chief executive officer, I have been striving to make clear that the Schlumberger of the future will balance
shareholder returns, capital discipline, and customer focus with investment in our people and technology. We intend to be leaders of the
energy transition, and our ability to improve our margins, cash flow, and returns is crucial to this ambition.
I want to close by emphasizing the “we” of that commitment. I am only one of Schlumberger’s 105,000 employees. It is my job to continue
Schlumberger’s ability to attract the best global talent. To be a great technology and operations company, we must also be a great “people”
company. For this reason, I cannot close my first letter to shareholders without, once again, saying thank you to each of you who makes these
things possible.
As a company, Schlumberger is at the center of the issues on which the world’s future depends. And while that responsibility is great, so are
our opportunities.

Schlumberger Ltd - Locations And Subsidiaries

Head Office
Schlumberger Ltd
17th Floor
5599 San Felipe
Houston
TX
75056
United States
Tel: +1 713 5132000
Other Locations & Subsidiaries
Schlumberger Ltd, Other Locations
62 Buckingham GateLondon Parkstraat 83The Hague

2514
SW1E 6AJ Netherlands
United Kingdom
42, rue Saint-DominiqueParis

75007
France
Schlumberger Ltd, Subsidiaries
Cameron International Corp WesternGeco Ltd

Schlumberger House Buckingham Gate
Suite 1700 Gatwick Airport
1333 West Loop South West Sussex
West Sussex
Houston
RH6 0NZ
TX United Kingdom
77027 Tel: +44 1293 556655
Fax: +44 1293 556940
United States
Url: www.westerngeco.com
Url: cameron.slb.com
M-I Swaco Dowell Schlumberger Corp

Suite 431 7705 N US Highway 281
5950 North Course Drive Leming
Houston TX
TX 78050
77072 United States
United States Tel: +1 830 5692594
Tel: +1 713 7390222
Url: www.slb.com
Schlumberger Oilfield Services GeothermEx Inc

United States Suite 220
3260 Blume Drive
Richmond
CA
94806
United States

Tel: +1 510 5279876

Fax: +1 510 5278164
Url: www.geothermex.com
Schlumberger Water Services USA Inc Services Petroliers Schlumberger SA

United States Algeria
Novatek Inc Schlumberger Technology Corp

United States 300 Schlumberger Drive
Url: www.novatek.com Houton
TX
77478
United States
Tel: +1 2812858700
Fax: +1 281 2858545
Url: www.slb.com
Services Techniques Schlumberger SA Schlumberger Technical Services, Inc.

76, Route de la Demi-lune Dubai World Trade Center
Building Opera E, 4th Floor 9th Floor
Paris Dubai
Ile-de-France United Arab Emirates
92936 Tel: +971 4 3067777
France Fax: +971 4 3067199
Tel: +33 171123020
Url: www.slb.com
Schlumberger Oil Services Ltd. Diamould Ltd

Avenida das Americas 10 Furness Business Park
1650 - Bloco 3 Barrow-in-Furness
Barra da Tijuca Cumbria
Rio de Janeiro LA14 2PE
22640 101 United Kingdom
Brazil Tel: +44 0 1229 825888
Tel: +55 21 35417002 Fax: +44 0 1229 825950
Url: www.diamould.com
TerraTek Inc Optimal Pressure Drilling Services Inc

1935 South Fremont Drive 260, 6815
Salt Lake City 8 Street N.E.
UT Calgary
84104 AB
United States T2E 7H7
Tel: +1 801 584 2400 Canada
Url: www.terratek.com Tel: +1 403 984 1600
Fax: +1 403 984 1601
Url: http://opds.ca
Framo Engineering AS Schlumberger Information Solutions Inc

Bergen 5599 San Felipe
5862 Suite 100
Norway Houston
Tel: +47 55 92 88 00 TX
Url: www.framoeng.no 77056
United States
Tel: +1 713 513
Fax: +1 713 513
Url: www.slb.com/sis
T&T Engineering services Inc WesternGeco LLC

Suite 200 10001 Richmond Ave.

16131 North Eldridge Parkway Houston

Tomball TX
TX 77042
77377 United States
United States Tel: +1 713 7899600
Tel: +1 281 2050022 Fax: +1 713 7890172
Fax: +1 281 2050376
Url: www.ttengineering.com
Schlumberger Norge AS OneSubsea LLC

Risabergveien 3 4646 West Sam Houston Parkway North
Houston
TX
Tananger 77041
4056 United States
Norway Tel: +1 713 9392211
Tel: +47 51 946000 Url: www.onesubsea.slb.com
Url: www.slb.com
GeoKnowledge AS Schlumberger Oilfield Holdings Ltd

Thunesvei 2 British Virgin Islands
Oslo United Kingdom
+274
Norway
Tel: +47 22941120
Fax: +47 22941121
Url: www.geoknowledge.com
Schlumberger Antilles N.V. Gushor Inc

Netherlands AB
Canada
Schlumberger Logelco Inc Schlumberger Wireline &. Testing

10 Salayan Highway 1815 Aguila Azteca
Baku Laredo
1023 TX
Azerbaijan 78043
United States
SCP Oilfield Services Co Ltd Rock Deformation Research Ltd

12th Floor, Investment Building, No.65 Victory House
Hubin West Street Manor Royal
Xingqing Crawley
NGX West Sussex
750001 RH10 9LU
China United Kingdom
Tel: +86 951 6735298
Url: www.slbcopower.com
Schlumberger Middle East SA Schlumberger Venezuela SA

Al Masood Tower, 16th Floor Caracas
Dhabi 1080
Abu Dhabi Venezuela
United Arab Emirates
Tel: +971 2 6333600
Fax: +971 2 6349415
Url: www.slb.com
Smith International, Inc. Schlumberger Wta (Malaysia) Sdn Bhd

Suite 600 16th floor, Rohas Perkasa Building
411 North Sam Houston Parkway No.9, Jalan P. Ramlee

Houston Kuala Lumpur

TX Kuala Lumpur (Federal Territory of)
77060 50250
United States Malaysia
Tel: +1 281 4433370 Tel: +60 3 2166 7788
Url: www.smith.com Fax: +60 3 2166 7800
Schlumberger Oilfield Uk Plc Schlumberger SA

Kirkton Ave 42 rue Saint Dominique
Dyce Paris
Aberdeen F 75007
United Kingdom France
Tel: +33 140621000
Url: www.schlumberger.com
Schlumberger Australia Pty Ltd Schlumberger Production Management

256 St Georges Tce 5 L Mexico
Perth
WA
6000
Australia
Tel: +61 8 92682682
Url: www.slb.com
Schlumberger Canada Ltd Saltel Industries

525 3rd Avenue S.W. Campus de Ker Lann
Calgary
AB
T2P 0G4 Rue Siméon Poisson
Canada Bruz
Bretagne
35170
France
Tel: +33 223 416412
Url: www.saltel-industries.com
Schlumberger Oilfield Eastern Ltd Novatek IP LLC

PO Box: 9574 United States
Ahmadi
Al Ahmadi
61006
Kuwait
Schlumberger Poland Sp zoo Schlumberger Overseas SA

Aleja Jana Pawla II 25 PO Box 8746
Warsaw Commercial Bank Plaza
Masovian Qatar
+854 Tel: +974 44 979362
Poland Url: www.slb.com
Schlumberger Well Services Schlumberger Asia Services Ltd

United States 14th Floor, Tower C
Building No 10
Gurgaon
Haryana
122 002
India
Tel: +91 124 3355667
Fax: +91 124 3026200
Url: www.slb.com

Omron Oilfield & Marine Inc Schlumberger BV

TX Parkstraat 83
United States The Hague
Zuid-Holland
Netherlands
Meta Downhole Ltd Geophysical Exploration & Development Corp

Claymore Drive Suite 1200
Aberdeen 815-8th Avenue. S.W
ENG Calgary
AB23 8GD AB
United Kingdom T2P 3P2
Tel: +44 1224 914600 Canada
Url: www.metadownhole.com Tel: +1 403 2625780
Fax: +1 403 2628632
Url: www.gedco.com
SES Holdings Ltd Schlumberger Reservoir Products FZE

1700, 700 - 4th Avenue SW Unit C801 , Level 8 & Unit C901 , Level 9
Calgary Burj Daman, Dubai International Financial Centre
AB Dubai City
Canada Dubai
Tel: +1 403 7164150 506579
Fax: +1 403 7164151 United Arab Emirates
Tel: +971 4 3067777
Fluid Inclusion Technologies, Inc. PetroAlliance Services Co Ltd

2217 North Yellowood Avenue 40/3 Narodnogo Opolcheniya Str.
Broken Arrow Moscow
OK Russia
74012 Tel: +7 495 797939
United States Url: www.petroal.ru
Tel: +1 918 4618984
Url: www.fittulsa.com
Cameron International Corporation Schlumberger Wireline Nig Ltd

1333 West Loop South Nigeria
Suite 1700
United States
Tel: +1 713 513 3300
Url: http://www.c-a-m.com/
Schlumberger NewZealand Ltd Schlumberger Rustaveli Co Ltd

94 Paraite Road, Bell Block Georgia
New Plymouth
TKI
4312
New Zealand
Petro-SPM Integrated Services SA de CV Schlumberger Italiana SpA

Mexico Palazzo T1
Milan
Lombardia
20089
Italy
Asset Development & Improvement Ltd Shaya Ecuador SA

United Kingdom Dayuma
Ecuador
Flaresim Ltd Onesubsea Ip Uk Limited

United Kingdom
Affiliate
Schlumberger Ltd, Affiliate
Borr Drilling Ltd

2nd Floor
E. Pearman Building, 9 Par-la-Ville Road
Hamilton
HM11
Bermuda
Url: www.borrdrilling.com
Joint Venture
Schlumberger Ltd, Joint Venture
OneSubsea B.V.
Naritaweg 165
Telestone 8 OneLNGSM
Amsterdam United Kingdom
1043
Netherlands
Business Unit
Schlumberger Ltd, Business Unit
AOA Geomarine Operations LLC

1300 W Sam Houston Pkwy S
Schlumberger Moscow Research Center
Houston 13, Pudovkina str.
TX Moscow
77042 2447 119285
Russia
United States
Tel: +1 713 513 3771

Section 2 – Company Analysis

Company Overview
Schlumberger Ltd (Schlumberger) is an oilfield services company that provides technology for reservoir characterization, production, drilling
and processing to the oil and gas industry. The company also supplies the industries with products and services, from exploration through
production and integrated pipeline solutions for hydrocarbon recovery. Its products and services include open-hole and cased-hole wireline
logging; drilling services; well completion services including well testing and artificial lift; well services, such as cementing, coiled tubing,
stimulations and sand control; interpretation and consulting services; and integrated project management. The company has operational
presence in North America, Latin America, Europe and Africa, the Middle East and Asia. Schlumberger is headquartered in Houston, Texas, the
US.

Schlumberger Ltd - Business Description

Schlumberger Ltd (Schlumberger), an oilfield services company, provides technology for reservoir characterization, drilling, production, and
processing to the oil and gas industry. It offers a wide array of products, services from exploration through production, and integrated pore-
to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
The company operates through four reportable business segments, Reservoir Characterization, Drilling, Production and Cameron.
In FY2019, the company’s capital expenditure stood at US$1,724 million, which was 5.2% of its revenue and decreased 20.25% YoY (2019 vs
2018).
The company had over 20 subsidiaries by the end of FY2019. It has operations in over 120 countries with principal offices in France, the US,
the UK and the Netherlands.
Business Segment: Cameron
Overview
Provides technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities. Its
technologies include OneSubsea, Surface Systems, Drilling Systems, and Valves & Measurement.
In FY2019, the segment’s capital expenditure stood at US$166 million, which grew 9.2% YoY.
Performance
Reported revenue of US$5,336 million for FY2019, which decreased 3.3% YoY, and recorded negative growth of 1.7% during 2017-19. The
segment accounted for 16% of the company's revenue in FY2019.
Decline in revenue resulted from lower revenue for OneSubsea and Valves & Process Systems.
Business Segment: Drilling

Overview
Offers technologies that are involved in the drilling and positioning of oil and gas wells and comprises Bits & Drilling Tools, Drilling &
Measurements, M-I SWACO, Land Rigs and Integrated Drilling Services.
In FY2019, the segment’s capital expenditure stood at US$616 million, which decreased 14.2% YoY.
Performance
Reported revenue of US$9,721 million for FY2019, which grew 5.1% YoY, and recorded a CAGR of 7.6% during 2017-19. The segment
accounted for 29.1% of the company's revenue in FY2019.
Growth in revenue resulted from higher demand for drilling services, largely in the international markets.
Business Segment: Production

Overview
Consists of technologies that offers production of oil and gas reservoirs and includes Well Services, OneStim, Completions, Artificial Lift and
Schlumberger Production Management.
In FY2019, the segment’s capital expenditure stood at US$551 million, which decreased 37.8% YoY.

Performance
Reported revenue of US$11,987 million for FY2019, which decreased 3.3% YoY, and recorded a CAGR of 6.2% during 2017-19. The segment
Decline in revenue was due to lower OneStim activity in North America.
Business Segment: Reservoir Characterization

Overview
Consists of technologies which are used in finding and defining hydrocarbon resources. Major technologies include WesternGeco, Wireline,
Testing Services, OneSurface, Software Integrated Solutions and Integrated Services Management.
Offers multi-client library through WesternGeco.
In FY2019, the segment’s capital expenditure stood at US$307 million, which grew 3.7% YoY.
Performance
Reported revenue of US$6,312 million for FY2019, which grew 2.3% YoY, and recorded negative growth of 1.3% during 2017-19. The segment
Increase in revenue was due to increased international activity.
Geographical Segment: Eliminations & other

Performance
Reported revenue of US$225 million for FY2019, which decreased 41.6% YoY, and recorded negative growth of 33.6% during 2017-19.
Eliminations & other accounted for 0.7% of the company's revenue in FY2019.
Geographical Segment: Europe/CIS/Africa

Performance
Reported revenue of US$7,683 million for FY2019, which grew 7.3% YoY, and recorded a CAGR of 4.2% during 2017-19. Europe/CIS/Africa
Geographical Segment: Latin America

Performance
Reported revenue of US$4,149 million for FY2019, which grew 10.8% YoY, and recorded a CAGR of 2.2% during 2017-19. Latin America
Geographical Segment: Middle East and Asia

Performance
Reported revenue of US$10,017 million for FY2019, which grew 5% YoY, and recorded a CAGR of 3.3% during 2017-19. Middle East & Asia

Geographical Segment: North America

Performance
Reported revenue of US$10,843 million for FY2019, which decreased 9.5% YoY, and recorded a CAGR of 6.9% during 2017-19. North America
R&D Overview
Schlumberger‘s research and engineering (R&E) efforts focus on the development of innovative technology that adds value to its customers,
and support and enhance its position in E&P sector. The company has major research centers in Brazil, Saudi Arabia, the US, the UK, Russia,
and Norway. It operates technology centers in the UK, China, France, Japan, Norway and the US.
In FY2019, it spent US$717 million on R&E, which stood at 2.2% of its revenue and grew 2.1% YoY.

Schlumberger Ltd - Corporate Strategy

Schlumberger strives to strengthen its shareholder value through selective investments. The company intends to increase the magnitude of
innovative efforts to hasten the creation of new products that could facilitate steep changes in technology and improve performance, instead
of adopting the traditional evolutionary approach. It strives to accelerate the speed of its product development cycle to reduce time to
market its innovations. The company intends to evaluate its performance to ensure the 5 Sigma level as happens in the automotive industry.
It is planning to leverage the scale of its operations to reduce costs by using the latest advances in IT infrastructure and transportation. The
company also intends to expand the level of its project management and integration.

Schlumberger Ltd - SWOT Analysis

SWOT Analysis - Overview
Schlumberger Ltd (Schlumberger) provides technology, project management and information solutions to the oil and gas industry. Order
backlog, operational capabilities and market position strengthened its operations, even as declining cash reserves and cost inefficiency are
cause for concern. New contracts and agreement, growth initiatives and increasing upstream investments could provide new growth
opportunities to the company. However, regulations, fluctuations in oil & gas prices and stiff competition could affect its operations.
Schlumberger Ltd - Strengths

Strength - Operational Capabilities
Schlumberger is a provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. Its
offering includes number of technology-based service and product lines. Its technologies cover the entire life cycle of the reservoir and
correspond to a number of markets. Its WesternGeco, Wireline, Testing Services, Software Integrated Solutions (SIS), OneSurface and
Integrated Services Management (ISM) helps in finding and defining hydrocarbon resources. The company’s Bits & Drilling Tools, M-I SWACO,
drilling & measurements, land rigs and integrated drilling services are involved in the drilling and positioning of oil and gas wells. The
company’s well services, OneStim, completions, artificial lift, and asset performance solutions are involved in the lifetime production of oil
and gas reservoirs. The company’s OneSubsea, surface systems, drilling systems, and valves & process systems offers pressure and flow
control for drilling and intervention rigs, oil and gas wells and production facilities.
Strength - Order Backlog
Schlumberger focuses on strengthening its operations through new contracts. Such strong order backlog could provide the company new
growth opportunities and increased revenue. In December 2019, the company reported order backlog of US$3 billion as compared to US$2.7
billion in FY2018 for OneSubsea, Drilling Systems and WesternGeco businesses. It also expects approximately 50% to be recognized as
revenue during 2020.
Strength - Market Position
Schlumberger is a provider of oilfield products and services. The company supplies technology, integrated project management, and
information solutions to the international oil and gas exploration and production industry. It is among the world’s leading provider of
technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. It serves customers in 120 countries.
Schlumberger leads the market in terms of operational knowledge footprint. Schlumberger supplies the industry’s most broad range of
products and services, from exploration through production, and integrated pore to pipeline solutions that optimize hydrocarbon recovery to
deliver reservoir performance.

Schlumberger Ltd - Weaknesses

Weakness - Declining Cash Reserves
The company reported a decrease in its cash reserves, which shows that it is not in a position to pay off its current liabilities. Its cash and cash
equivalents amounted to US$2,167 million in FY2019, which shows a decrease of 22% over US$ 2,777 million in FY2018. The decrease in the
cash component was due to US$5,431 million cash generated from operating activity in FY2019, as compared to US$5,713 million cash
generated from operating activity in FY2018. In FY2019, the company invested US$2,011 million cash as compared to US$1,040 million in
FY2018. The cash ratio stood at 0.16 in FY2019 compared to 0.21 in FY2018. The percentage of cash component to current assets was 14% in
FY2019 as against 17.7% in FY2018.
Weakness - Cost Inefficiency
The company reported a decline in its cost efficiency in FY2019, which affected its operational performance. In the FY2019, Schlumberger
reported an increase in its operating costs as a percentage of sales, which increased to 130% from 90.8% in FY2018. As a result, it reported
negative operating margin of 30% in FY2019 from operating margin of 9.2% in FY2018. Due to increase in operating costs, the company
reported operating loss of US$9,890 million in FY2019 from US$3,011 million in FY2018.

Schlumberger Ltd - Opportunities

Opportunity - New Contracts and Agreement
The company entered into several contracts and agreements which would enable it to generate substantial amount of revenue in the future.
In January 2020, the company secured a contract from Equinor for the front-end engineering design (FEED) on its Bacalhau project offshore
Brazil. The contract scope brings together field development planning, project delivery and total life cycle solutions under an extensive
technology and services portfolio. In December 2019, the company was awarded with supply of an integrated subsea production and
multiphase boosting system for the Anchor field in the US Gulf of Mexico from Chevron.
Opportunity - Increasing Upstream Investments
The company could benefit from the increasing investments in the upstream sector of oil and gas industry. According to the World Oil Outlook
2019 (WOO2019), the investments in the global oil upstream operations are estimated at US$8.1 trillion during 2019–2040. The share of
investments by OECD countries will be around 72% in the medium-term (2019-2024). This is due to the substantial contribution of barrels of
oil, especially in the medium-term, besides the higher average costs of upstream development. This would decrease to an average of 56% in
the latter years. OPEC’s share of implied annual investment requirement will be around 9% in 2019–2024, which will increase to 19% in the
longer-term with increase in demand for OPEC crude. In OECD, the large share is due to North America’s significant contribution to add
barrels from US tight oil and Canadian oil sands.
Opportunity - Growth Initiatives
Schlumberger focuses on strengthen its operation through numerous initiatives. In February 2020, the company opened a manufacturing
center in King Salman Energy Park (SPARK) in Saudi Arabia. It will manufacture well completions technologies including liner hangers and
packers and isolation valve technologies to help improve the efficiency of oil and gas operations in Saudi Arabia. In December 2019, the
company and Dataiku Technology entered into an exclusive technology partnership to build and deploy AI solutions across the full breadth of
their upstream workflows. This partnership will combine existing Schlumberger digital tools and solutions with AI technology from Dataiku.
Opportunity - Implementation of Machine Learning
The oil and gas industry's adoption of cloud computing, machine learning and augmented reality has improved in last few years. The company
can reduce cost and improve process movement through implementation of algorithms in onshore rigs. The adaptation of digitalization in
supply chain can improve company’s efficiency. With usages of cloud computing, sensors, and machine learning, drillers can gain real-time
understanding of geology, ressure gradients, molecular content and other pertinent data. Currently, service companies are investing in R&D
to drive returns across the industry.

Schlumberger Ltd - Threats

Threat - Intense Competition
Schlumberger operates in a highly competitive oilfield service industry. It offers equipment and services to the oil and gas exploration and
production activity, and faces competition from various other companies that operate in the same domain. Some of the major competitive
factors include technological innovation, quality of service and price differentiation. Its major competitors include Halliburton Co, National
Oilwell Varco Inc and Weatherford International Ltd. The company also faces competition from several regional suppliers who offer limited
equipment and services, which are made for the local markets.
Threat - Stringent Regulations
Schlumberger is required to operate under stringent regulations at the federal, state and local levels. Products and services, which do not
comply with legislation outlined by regulatory bodies may face a delay in reaching its customers. Furthermore, non-compliance with
legislation may lead to penalties and legal proceedings, which may damage the company’s image. The company is subject to complex US and
foreign laws and regulations such as the Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act and various other anti-bribery and anti-
corruption laws. It is also subject to trade control regulations and trade sanctions laws that restrict the movement of certain goods to, and
certain operations in various countries. Any determination that the company has violated or is responsible for violations of anti-bribery, trade
control, trade sanctions or anti-corruption laws could have a material adverse effect on its financial condition. Violations of international and
US laws and regulations or the loss of any required licenses may result in fines and penalties, criminal sanctions, administrative remedies and
restrictions on business conduct.
Threat - Fluctuations in Oil Prices
The expenditure on drilling by Schlumberger’s customers depends on oil prices. Such fluctuations could affect the company’s business,
operating results and financial condition. Oil prices are dependent on factors beyond the company’s control, including the supply of and
demand for oil; weather conditions; and political conditions, among others. According to EIA’s Short Term Energy Outlook January 2020, Brent
crude oil spot prices averaged US$67 per barrel (bbl) in December 2019, up US$10/bbl from December 2018. Brent spot prices are forecast to
average US$65/bbl in 2020 and US$68/bbl in 2021. In the first half of 2020, EIA expects that global oil prices will be affected by downward
pressures owing to relatively weak oil market balances and by the upward price pressure of geopolitical risks. West Texas Intermediate (WTI)
crude oil prices are forecast to average about US$5.5/bbl less than Brent prices in 2020 and 2021. According to EIA, Henry Hub natural gas
spot price averaged US$2.57/million British thermal units (MMBtu) in 2019, down US$0.59/MMBtu from the average price in 2018. The
agency expects Henry Hub natural gas spot prices to average US$2.33/MMBtu in 2020 and US$2.54/MMBtu in 2021. EIA expects upward price
pressure to occur in 2021 as a result of falling natural gas production that stems from the low prices forecast in 2020. EIA expects that the
falling demand for natural gas will limit the increase in prices.
NOTE:
* Sector average represents top companies within the specified sector
The above strategic analysis is based on in-house research and reflects the publishers opinion only

Schlumberger Ltd - Key Competitors

Schlumberger Ltd, Key Competitors
Name Headquarters Revenue (US$ m)
Baker Hughes, a GE Co LLC United States 23,838
DORIS Engineering SA France
Expro Holdings UK 3 Ltd United Kingdom 652
FTS International Services LLC United States
Halliburton Co United States 23,995
IHS Markit Limited United Kingdom 4,009
ION Geophysical Corp United States 175
National Oilwell Varco Inc United States 8,479
Patterson-UTI Energy Inc United States 3,327
PGS ASA Norway 874
Superior Energy Services Inc United States 2,130
Trican Well Service Ltd Canada 695
Weatherford International Plc Switzerland 5,744

Section 3 – Company Financial Ratios

Financial Ratios - Capital Market Ratios
Schlumberger Ltd, Ratios based on current share price
Key Ratios 04-Mar-2020
P/E (Price/Earnings) Ratio NA

Enterprise Value/Sales 1.55
Enterprise Value/Total Assets 0.91
Dividend Yield 7.36
Note: Above ratios are based on share price as of 04-Mar-2020, the above ratios are absolute numbers

Financial Ratios - Annual Ratios

Schlumberger Ltd, Annual Ratios
Key Ratios Unit/Currency 2015 2016 2017 2018 2019
Equity Ratios
EPS (Earnings per Share) USD 1.63 -1.24 -1.03 1.53 -7.32
Dividend per Share USD 1.90 2 2 2 2
Dividend Cover Absolute 0.86 -0.62 -0.51 0.77 -3.66
Book Value per Share USD 28.37 29.53 26.62 26.15 17.16
Profitability Ratios
Gross Margin % 20.60 14.19 12.91 13.10 12.77
Operating Margin % 8.87 -4.64 -2.65 9.18 -30.05
Net Profit Margin % 5.84 -6.07 -4.94 6.52 -30.80
Profit Markup % 25.95 16.54 14.83 15.07 14.63
PBT Margin (Profit Before Tax) % 8.12 -6.85 -3.89 8 -31.65
Return on Equity % 5.81 -4.11 -4.09 5.91 -42.66
Return on Capital Employed % 5.84 -2.05 -1.42 5.28 -22.89
Return on Assets % 3.07 -2.31 -2.01 3 -15.99
Return on Working Capital % 24.59 -14.54 -25.10 134.12 -406.66
Growth Ratios
Sales Growth % -26.98 -21.61 9.46 7.80 0.31
Operating Income Growth % -58.74 -140.99 -428.46
EBITDA Growth % -58.74 -140.99 -428.46
Net Income Growth % -61.90 -181.42 -574.13

Schlumberger Ltd, Annual Ratios (Cont...1)

EPS Growth % -41.40 -81.21 5.42 161.77 -178.11
Working Capital Growth % 21.61 -30.67 -63.75 -30.17 8.33
Cost Ratios
Operating Costs (% of Sales) % 91.13 104.64 102.65 90.82 130.05
Administration Costs (% of Sales) % 1.39 1.45 1.42 1.35 1.44
Liquidity Ratios
Current Ratio Absolute 1.91 1.59 1.21 1.17 1.19
Quick Ratio Absolute 1.64 1.31 0.95 0.87 0.87
Cash Ratio Absolute 0.92 0.61 0.33 0.21 0.17
Leverage Ratios
Debt to Equity Ratio % 0.53 0.48 0.49 0.44 0.64
Net Debt to Equity Absolute 0.45 0.41 0.45 0.40 0.60
Debt to Capital Ratio % 0.35 0.32 0.33 0.31 0.39
Efficiency Ratios
Asset Turnover Absolute 0.53 0.38 0.41 0.46 0.52
Fixed Asset Turnover Absolute 2.46 2.12 2.50 2.62 2.74
Inventory Turnover Absolute 6.72 5.98 6.41 7.08 7.06
Current Asset Turnover Absolute 1.37 1.09 1.44 1.92 2.11
Capital Employed Turnover Absolute 0.66 0.44 0.54 0.58 0.76
Working Capital Turnover Absolute 2.77 3.14 9.47 14.62 13.53

Schlumberger Ltd, Annual Ratios (Cont...2)

Revenue per Employee USD 313,495
Net Income per Employee USD -96,543
Capex to Sales % 6.79 7.39 6.92 6.58 5.24
R&D to Sales % 3.08 3.64 2.59 2.14 2.18

Performance Chart
Schlumberger Ltd, Performance Chart (2015 - 2019)
Financial Performance
The company reported revenues of (US Dollars) US$32,917 million for the fiscal year ended December 2019 (FY2019), an increase of 0.3%
over FY2018. The operating loss of the company was US$9,890 million in FY2019, compared to an operating income of US$3,011 million in
FY2018. The net loss of the company was US$10,137 million in FY2019, compared to a net profit of US$2,138 million in FY2018.

Financial Ratios - Interim Ratios

Schlumberger Ltd, Interim Ratios
Key Ratios Unit/Currency Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019
Interim EPS (Earnings per Share) USD 0.39 0.30 0.35 -8.22 0.24
Dividend per Share USD 0.50 0.50 0.50 0.50 0.50
Book Value per Share USD 26.15 26.06 25.92 17.27 17.16
Gross Margin % 12.06 11.71 12.49 13.57 13.27
Operating Margin % 9.01 8.10 8.95 -138.50 6.85
Net Profit Margin % 6.59 5.34 5.95 -133.27 4.05
Profit Markup % 13.71 13.27 14.28 15.70 15.30
PBT Margin (Profit Before Tax) % 7.92 6.46 7.17 -140.16 5.49
Operating Costs (% of Sales) % 90.99 91.90 91.05 238.50 93.15
Administration Costs (% of Sales) % 1.39 1.42 1.38 1.40 1.57
Current Ratio Absolute 1.17 1.35 1.39 1.29 1.19
Quick Ratio Absolute 0.87 0.99 1.01 0.95 0.87
Debt to Equity Ratio % 0.44 0.46 0.48 0.70 0.64
Net Debt to Equity Absolute 0.48 0.49 0.52 0.75 0.69
Debt to Capital Ratio % 0.28 0.28 0.29 0.37 0.35

Financial Ratios - Ratio Charts

Schlumberger Ltd, Ratio Charts
EPS Operating Margin
Return on Equity Return on Assets
Debt to Equity Ratio Current Ratio

Section 4 – Company’s Oil & Gas, Power Financial Deals and Alliances
Schlumberger Ltd, Oil & Gas, Deals By Year, 2014 to YTD 2020
Note: Deals include all announced oil & gas deals from 2014 onwards, deal values included wherever disclosed. GlobalData
Above data is extracted from GlobalData’s Deals and Alliances Profile.
Schlumberger Ltd reported one oil & gas deal worth $355 million in YTD 2020. The company’s deal volume increased from three oil & gas
deals in 2018 to seven oil & gas deals in 2019.
Year No. of Deals Deal Value (US$ million)

YTD 2020 1 355.00
2019 7 3,970.85
2018 3 715.50
2017 10 3,440.40
2016 8 15,162.03
2015 13 6,857.59
2014 7 1,289.78
Note: Deals include all announced oil & gas deals from 2014 onwards, deal values included wherever disclosed.
GlobalData

Schlumberger Ltd, Oil & Gas, Deals By Type, 2014 to YTD 2020
Schlumberger Ltd, Oil & Gas, Deals by Type, 2014 to YTD 2020
Note: Deals include all announced oil & gas deals from 2014 onwards, deal values included wherever disclosed. GlobalData
Schlumberger Ltd’s deals activity has been reportedly focusing on debt offerings and acquisition with 13 oil & gas deals each during the period
2014 to YTD 2020.
Schlumberger Ltd, Oil & Gas, Deals By Type, 2014 to YTD 2020
Deal Type No. of Deals Deal Value (US$ million)
Debt Offerings 13 10,755.85

Acquisition 13 15,259.78
Divestiture - Assets 9 3,049.50
Partnerships 6 NA
Asset Purchases 4 1,668.43
Divestiture - Company 2 400.00
Equity Offerings 1 650.00
Private Equity 1 7.59
Note: Deals include all announced oil & gas deals from 2014 onwards, deal values included wherever disclosed.
GlobalData

Schlumberger Ltd, Recent Deals Summary

Schlumberger Ltd, Recent Deals Summary
Deal Value
Acquirer (s) / Investor Target / Issuer /
Deal Date Deal Status Deal Type Vendor (US $
(s) /Surviving Entity Partner (s)
million)
Equinor ASA, Royal

31-Jan-2020 Completed Asset Acquisiton Schlumberger Ltd Schlumberger Ltd 355.00
Dutch Shell Plc
Drilco Oil & Gas, Inc.,
Divestiture - Wellbore Integrity Fishing & Remedial
31-Dec-2019 Completed Schlumberger Ltd 400.00
Company Solutions LLC services, Thomas Tools
Inc
Rockwell Automation
02-Oct-2019 Completed Partnership
Inc, Schlumberger Ltd
06-Sep-2019 Completed Debt Offering Schlumberger Ltd 551.95
28-Apr-2019 Announced Asset Acquisiton Arabian Drilling Co Schlumberger Ltd Schlumberger Ltd 415.00
Shearwater GeoServices
15-Nov-2018 Completed Asset Acquisiton Schlumberger Ltd Schlumberger Ltd 650.00
Holding AS
BDC Capital Inc, OGCI
Climate Investments LLP,
24-Sep-2018 Completed Venture Financing GHGSat Inc 10.00
Schlumberger Ltd, Space
Angels Network, Inc.
28-Mar-2018 Completed Asset Acquisiton Tecpetrol SA Schlumberger Ltd Schlumberger Ltd 29.50
Note: Deals include recent 10 deals in the past 24 months.
GlobalData

Section 5 – Company’s Recent Developments

Mar 02, 2020: PSA: Equinor – Gullfaks A – fully integrated drilling activities
Petroleum Safety Authority (PSA) has carried out an audit of Equinor Energy (Equinor), Archer and Schlumberger’s safeguarding of the
planning and execution of drilling and well operations using fully integrated drilling contracts on the Gullfaks A facility.
Background
In the winter of 2019, we held a series of meetings with drilling contractors and drilling and well service companies which had been awarded
fully integrated contracts for Equinor's fixed facilities.
We wanted to find out about the status and the experiences to date of the companies involved in the new fully integrated contracts for the
Gullfaks A facility.
Objective
The objective of the audit was to examine how Equinor, Archer and Schlumberger are managing major accident and working environment risk
under the changed framework conditions in contracts for fixed facilities.
Result
Four regulatory non-conformities were identified. These concerned:
Management of health, safety and the environment
Roles and responsibilities
Work arrangements
Information and communication
In addition, one condition categorised as an improvement point was observed. This concerned:
Extra screen in room behind driller's cabin
What happens now
We have asked Equinor to report on how the non-conformities will be addressed. We have also asked for an assessment of the improvement
point observed.
The deadline for replying is set at 9 March 2020.

Feb 27, 2020: Schlumberger: Notice of Intention to delist from London Stock Exchange
SCHLUMBERGER LIMITED (the “Company” or “Schlumberger”) hereby announces that the Company’s Board of Directors (the “Board”) in
January 2020 approved the cancellation of the listing of the Company’s common stock (the “Shares”) on the standard segment of the Official
List of the London Stock Exchange (the “LSE”) and the cancellation of admission to trading of such shares on the main market of the LSE
(together, the “Cancellation”).
Consequently, the Company intends to apply to the UK Financial Conduct Authority and the LSE to request the Cancellation.

Feb 25, 2020: Schlumberger announces oil and gas manufacturing in Saudi Arabia
Oilfield services firm Schlumberger has announced a new manufacturing centre in the King Salman Energy Park (SPARK) in Saudi Arabia.
The new centre will manufacture well completion technologies such as liner hangers and packers, as well as isolation valve technologies such
as GROVE valves and ORBIT rising stem ball valves.
The first phase of the manufacturing centre extends over 105,000m². The centre will develop a skilled manufacturing workforce for oil and gas
products and services throughout the region.
The company said the facility will create more than 200 new jobs over the next few years, designed to support Saudi Aramco’s In-Kingdom
Total Value Add (IKTVA) programme.
Saudi Aramco upstream senior vice-president Mohammed Al Qahtani said: “We are delighted with Schlumberger’s inauguration of its
manufacturing centre and congratulate them on playing a very important anchor role at the King Salman Energy Park.
“This centre and SPARK will accelerate solutions across the value-chain for the Saudi Energy Sector that will create opportunities for Saudi
men and women in a sustainable way for many generations to come.”
The opening of the manufacturing centre is part of the company’s strategy to align itself with Saudi Arabia’s 2030 Vision.
According to the company, these technologies will enhance the efficiency of oil and gas operations within the region as well as neighbouring
countries.
Schlumberger president of Saudi Arabia & Bahrain Ziad Jeha said: “It is with pride that we announce the inauguration of the Schlumberger
Manufacturing Center in King Salman Energy Park.
“As the first upstream services company to establish a manufacturing centre in SPARK, we are enabling an agile fit-for-basin capability that
links research, product development and now manufacturing to the needs of the Saudi Arabian market.”
Recently, Schlumberger announced a partnership with the Egyptian Ministry of Petroleum for the Egypt Upstream Gateway (EUG) project,
which will help digitise subsurface information.

Feb 25, 2020: ADNOC to Build on its Position as one of Least Carbon-Intensive Oil and Gas
Producers in World
ADNOC is building on its position as one of the least carbon-intensive oil and gas producers in the world by significantly expanding its CCUS
program, according to His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company
(ADNOC).
Speaking at the panel session titled ‘Thought-Leaders in Oil and Gas,' at the International Carbon Capture Utilization and Storage (ICCUS)
conference in the Kingdom of Saudi Arabia, H.E. Dr. Al Jaber reinforced ADNOC's commitment to responsible oil and gas production as the
company delivers its 2030 strategy, noting that the company is on track to expand CCUS capacity at least fivefold by 2030 as part of its holistic
sustainability goals.
Commenting alongside Amin H. Nasser, CEO of Saudi Aramco, Olivier Le Peuch, CEO of Schlumberger and Ovais Sarmad, Deputy Executive
Secretary of UNFCCC, H.E. Dr. Al Jaber explained how CCUS is enabling ADNOC to significantly lower its greenhouse gas (GHG) intensity and
maintain its best-in-class sustainability and environmental, social, and governance (ESG) performance.
H.E. Dr. Al Jaber said: "ADNOC's CCUS program reinforces our position as the least-carbon intensive oil and gas producer in the world. It is also
an important enabler of our holistic 2030 sustainability goals, specifically our target to reduce greenhouse gas intensity by 25 percent.
"As we drive our CCUS targets, we are focusing on innovative and cost-effective solutions that make economic sense. And we are building on
the foundation set by the Founding Father of the UAE, His Highness Sheikh Zayed bin Sultan Al Nahyan, to help ensure ADNOC remains best-
in-class in sustainability and ESG performance.
ADNOC's CCUS program is also enabling the company to maximize value from its hydrocarbon reserves through enhanced oil recovering
(EOR), liberating the cleaner-burning natural gas to cater for growing demand, H.E. Dr. Al Jaber said.
Currently, ADNOC's Al Reyadah facility in the emirate of Abu Dhabi has the capacity to capture 800,000 tonnes of carbon dioxide (CO2)
annually. ADNOC plans to expand the capacity of this program by over 500 percent capturing CO2 from its own gas plants, with the aim of
reaching 5 million tonnes of CO2 every year by 2030 – the equivalent of the annual carbon capture capacity of over 5 million acres of forest or
forest over twice the size of the UAE.
Detailing how ADNOC plans to achieve its CCUS targets, H.E. Dr. Al Jaber highlighted that ADNOC's Shah gas plant has the potential to enable
2.4 million tonnes of CO2 to be captured while its Habshan and Bab plant could enable the capture of almost 2 million tonnes of CO2.
H.E. Dr. Al Jaber also noted that ADNOC's CCUS expansion is an integral part of its recently announced broader sustainability goals that will
help ensure the company produces more energy with less environmental impact.
ADNOC's 2030 sustainability goals include a commitment to reduce GHG intensity by 25 percenta limit on freshwater use to below 0.5 percent
of our total water usea commitment to ensure female representation on the board of each of its operating companies by 2022a commitment
to plant 10 million mangrove seedlings in Al Dhafra Region in the emirate of Abu Dhabi by the end of 2022a commitment to achieve In-
Country Value (ICV) of 50 percent across its full value chain by 2030 and a 100 percent commitment to HSE and asset integrity.
The two-day ICCUS conference has convened global energy leaders and policymakers to discuss the role of CCUS in enabling a circular carbon
economy. Others taking part in the forum included H.E. Suhail Al Mazrouie, Minister of Energy and Industry, UAEH.R.H. Abdulaziz bin Salman
bin Abdulaziz Al Saud, Minister of Energy of the Kingdom of Saudi Arabia and H.E. Mohammad Barkindo, Secretary-General of the
Organization of Petroleum Exporting Countries (OPEC), among other global energy leaders, policymakers and scientists.

Feb 19, 2020: Gazpromneft-Noyarbrskneftegazgeophysica doubles its delivery of high-tech

services in 2019
Gazpromneft-Noyabrskneftegazgeophysica — the Gazprom Neft geophysical investigations subsidiary, operated by Gazpromneft-Nefteservis
— has more than doubled its delivery of high-tech services year-on-year, performing more than 360 high-tech operations in the preceding 12
months alone.
A record-breaking volume of work involving "Pump Down Plug&Perftechnology has been undertaken for Russian companies at the
Gazpromneft-Khantos' Priobskoye field.
Gazpromneft-Noyabrskneftegazgeophysica is expanding its use of this patented proprietary technology – involving the downhole delivery of
geophysical equipment using a fibreglass rod – in geophysical investigations. Using this rod makes it possible to reach significant depths in
delivering devices to well bedrock thanks to the lightness, elasticity and low friction-coefficient of fibreglass, as well as its' resistance to harsh
environments. This technology has been used successfully throughout Gazpromneft-Noyabrskneftegaz fields in 2019.
Using fibre-optic systems at the Novoportovskoye field is making it possible to monitor temperatures along the entire length of the well,
online, for the first time. Using this technology specialists are able to monitor changes in downhole processes quickly, and put solutions for
optimising well operation regimes in place as soon as possible.
In addition to this, Gazpromneft-Noyabrskneftegazgeophysica has become the first company in Russia to undertake a range of downhole
logging tests at horizontal wells on the Russian Arctic Shelf.
A technological partnership agreement was signed with Schlumberger in March 2019. The core objective of this is to combine Schlumberger's
technological capacities and potential with Gazprom Neft research centres' knowledge and know-how and Gazpromneft-
Noyabrskneftegazgeophysica's resources in order that the latest research technologies can be successfully deployed throughout the latter.
Pro-active implementation of Gazpromneft-Noyabrskneftegazgeophysica's development strategy will continue throughout 2020. The
company plans to increase the volume of "smartservices offered, expand field investigation programmes on the Russian Arctic Shelf, and
move into new regions where Gazprom Neft production assets are gaining an increasing presence. Gazpromneft-Noyabrskneftegazgeophysica
will be acquiring further competencies in working with hard-to-recover reserves, as well as continuing its collaboration with the Upstream
Division and its various production subsidiaries, including through the "Assets of the Futureproject and the company's Science and Technology
Centre – the company's overriding objective here being to become one of the top-five most important geophysical research companies in
Russia.
"The quality of geophysical data, and the speed at which it is acquired, play an important role in improving efficiency in production processes.
High-quality geophysical information in well construction gives an indication of a reservoir's production potential, reduces the risk of
ineffective investment, and allows you to make the right managerial decisions. Investigative data research into production and injection well
stock helps solve the problem of managing development effectively, and of bringing as many reserves as possible throughout the company's
license blocks into production. Speeding up the commissioning of new wells, and adjusting working modes in already operating wells, as fast
as possible – all of this will come about as a result of our implementing new high-tech ways of working in obtaining and interpreting
geophysical information.

Feb 17, 2020: Schlumberger announces Egypt Upstream Gateway project

Oilfield services company Schlumberger has announced a partnership with the Egyptian Ministry of Petroleum for the Egypt Upstream
Gateway (EUG) project.
The Egypt Upstream Gateway project will help digitise subsurface information. It will deliver a platform to improve the safety of Egypt's
subsurface data.
Schlumberger CEO Olivier Le Peuch said: "Schlumberger is very proud to have been selected for this unique partnership.
"We're looking forward to creating an industry-first solution, that will transform not only the Egypt oil and gas core processes but also will
serve as a benchmark for many countries and basins in the future.
Schlumberger said that by leveraging its GAIA digital subsurface platform the EUG provides value-added solutions.
The company's DELFI cognitive exploration and production (E&P) environment capabilities and technologies power the GAIA platform,
launched by Schlumberger's geophysical data solutions division WesternGeco.
It provides access to all applicable and licensed data. This speeds up data discovery, screening and ranking of exploration opportunities.
Le Peuch added: "The future of the oil and gas industry is digital and the EUG marks an important moment that will open a new, high-
performance future for Egyptian oil and gas.
In September, Schlumberger introduced the Ora intelligent wireline formation testing platform. This enables real-time decisions in a Cloud-
native environment.
Also in September, Schlumberger and Norwegian survey service firm TGS announced a strategic collaboration. They will cooperate on a new
3D seismic reimaging project in the Egyptian Red Sea.

Feb 11, 2020: Egyptian Ministry of Petroleum and Schlumberger Introduce Egypt Upstream
Gateway
The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway, a unique and innovative national project for
digitizing subsurface information and delivering a digital subsurface platform to ensure Egypt's subsurface data is kept evergreen. The Egypt
Upstream Gateway will also be a platform to promote Egypt's exploration and production potential worldwide.
The Egypt Upstream Gateway will leverage the GAIA digital subsurface platform and provide additional value-added solutions–enabled by
digital technology and domain expertise–using the DELFI E&P cognitive environment capabilities and technologies.
"Leveraging digitalization to modernize the petroleum sector of Egypt has been a key focus of our Modernization Program of the oil and gas
sector and a critical project for the country. The goal is to equally enhance the understanding of our subsurface offering, unlocking the full
potential of our assets to meet our energy needs. In addition, the Egypt Upstream Gateway will provide a platform to attract new investments
to Egypt from investors from all around the world through state-of-the-art bid round digital enablement. The Egypt Upstream Gateway
reflects the progressive vision we have for Egypt's Ministry of Petroleum digitalization and will be a key enabler positioning Egypt as a modern
East Mediterranean Hub," said Tarek El-Molla, minister of petroleum and mineral resources, Egypt.
"Schlumberger combines deep domain expertise with transformative digital technologies using the GAIA platform, which will enable us to
enrich Egypt's subsurface data and deliver the Egypt Upstream Gateway. This industry-first platform will accelerate Egypt's discoveries, reduce
uncertainty, mitigate risks and enable Egypt's Ministry of Petroleum and its affiliates–EGPC, EGAS, GANOPE–to digitally showcase their assets
to investors worldwide," said Maurice Nessim, president, WesternGeco, Schlumberger

Jan 31, 2020: Schlumberger sells Bandurria Sur oil field stake to Shell and Equinor
Oilfield services firm Schlumberger has sold its 49% interest in the Bandurria Sur Block in Argentina to Shell Argentina and Equinor.
Holding a 51% interest, Argentine energy firm YPF will continue as operator of the field.
According to the agreement, both Shell and Equinor will pay $177.5m each for their 24.5% interest.
Bandurria Sur oil block is located in the western Argentinean province of Neuquén.
The oil block is currently in the late pilot development phase with a current production capacity of approximately 10,000 barrels of oil
equivalent per day (boe/d).
Schlumberger CEO Olivier Le Peuch said: "The monetisation of our Bandurria Sur interest is an important milestone in Schlumberger's
strategy.
"It has been a privilege working in partnership with YPF on the pilot phase of this world-class unconventional resource.
Equinor and Shell have also signed an agreement with YPF to acquire an additional 11% interest from YPF.
Upon completion of this additional transaction, Equinor and Shell will each own a 30% non-operated interest in the block with YPF continuing
as operator and owning a 40% interest.
This additional transaction is, however, subject to the receipt of approvals from relevant authorities.
Equinor Argentina manager Nidia &Aacutelvarez Crogh said: "We are very pleased to partner with Shell in the Bandurria Sur block, an asset in
an area with significant potential, and to further develop our close partnership with YPF, with whom we are already exploring several
onshore, offshore and renewable opportunities in Argentina.
"We are broadening our activities in Argentina in support of our strategy to build international growth options.

Jan 31, 2020: MODEC and SIA win contracts for Equinor’s oil field offshore Brazil
MODEC and Subsea Integration Alliance (SIA) have secured contracts from Equinor to provide front-end engineering design (FEED) services for
its Bacalhau (formerly Carcará) project offshore Brazil.
SIA is a partnership between Subsea 7 and Schlumberger's OneSubsea.
The contracts are for the first phase of the Bacalhau field. The field is 185km from the coast of Ilhabela / SP, São Paulo, at a depth of 2,050m.
Equinor has selected SIA for the subsea umbilicals, risers and flowlines (SURF) contract. It has awarded MODEC the floating production
storage and offloading (FPSO) contract.
Bacalhau field is operated by Equinor, with a 40% stake. Other partners are ExxonMobil (40%), Petrogal Brasil (20%), and Pré-sal Petr leo as a
non-investor government agency.
The contracts awarded to SIA and MODEC are based on a two-step award.
FEED and pre-investment are starting immediately. It also has an option for the execution phase, including engineering, procurement,
construction and installation (EPCI) for the entire SURF and FPSO scope.
The oil field development will include 19 wells, around 130km of rigid risers and flowlines, and 35km of umbilicals.
Equinor technology, projects and drilling executive vice-president Anders Opedal said: "Awarding these contracts is an important milestone in
developing the Bacalhau area.
"We have awarded these contracts to reputable companies with long experience in Brazil and we are now looking forward to further
collaboration with SIA and MODEC to ensure a timely execution of the project.
The FPSO will be the largest in Brazil, with a production capacity of 220,000 barrels per day (bpd). The SURF contract contributes to around
60% of the local content in the country.
Equinor development and production Brazil executive vice-president Margareth Øvrum said: "Brazil is a core growth area for Equinor, and the
company has ambitions of producing 300,000 to 500,000 barrels a day in Brazil within 2030. Bacalhau will be an important contributor to
reach this goal.

Jan 30, 2020: Byron Energy announces quarterly report for period ended 31 December
2019
Byron Energy Limited has announced quarterly report for period ended 31 December 2019.
Summary
SM58 G1 well drilling the Cutthroat Prospect at SM58 completed having encountered a true vertical thickness net pay of 301 feet in the upper
O SandsMud log data indicates a total hydrocarbon bearing interval thickness in the Lower O section of between 180 and 250 feetWork on
SM58 G Platform progressed as planned, with completion expected in July 2020Installation of a new, upgraded compressor at SM71 F
Platform completed in mid-December 2019
Drilling of SM71 F4 well, on a 100% basis, committed to in the December quarter, with drilling having commenced 29 January 2020Byron's
share of oil and gas production (net sales volume) for the December 2019 quarter, from SM71 and SM58 E1 well, was 108,066 barrels of oil
and 11 2,595 mmbtu of gas
Net revenue recorded for t he December quarter, from SM71 and SM58, was approximately US$6.3 million (net to Byron after quality
adjustments, transportation charges and royalties) with realised net price being US$55.90 per barrel of oil and US$2.03 per million British
thermal units of natural gas during the periodand
Successfully completed an equity raising of A$25.4 million (before costs) at A$0.27 per share and signed a binding Secured Promissory Note
with Crimson Midstream Operating, LLC to borrow an initial amount of US$15.0 million.
Corporate
Equity Raising In December 2019 Byron successfully completed an equity raising of A$25.4 million (before costs) at A$0.27 per share,
comprising-(i) a placement to institutional and sophisticated investors of A$14.0 million, and (ii) a fully underwritten 1 for 18 pro-rata non-
renounceable entitlement offer of A$11.4 million. A general meeting of shareholders was held on 20 January 2020 to seek approval for the
issue of 2,000,000 ordinary shares to related parties being interests associated with directors Doug Battersby and Paul Young at A$0.27 per
share, raising A$0.54 million. The shareholders approved the share issue which was completed on 28 January 2020.
Early in January 2020, all of the optionholders (executive directors, senior staff and contractors) were issued with 9.5 million fully paid shares,
at A$0.25 each, having exercised 9.5 million options expiring on 31 December 2019. The Company made available to each of the
optionholders an interest free loan for the sole purpose of funding the exercise of the options.
These loans were approved by shareholders at the Company's AGM on 29 November 2019. For additional information, see the Notice of
Meeting released to the ASX on 29 October 2019.Metgasco Limited ("Metgasco'') (ASX:MEL) currently holds approximately 43.4 million shares
in the Company. Metgasco has advised that the planned in-specie distribution to its shareholders of Byron shares has been confirmed at 20
million shares (refer to Metgasco's ASX announcements dated 20 December 2019 and 1 October 2019). and shareholders.
Borrowings (Cont.)
In early January 2020, Byron repaid US$ 0.5 million to a director. In January 2019 Byron drew down the remaining US$ 5.0 million under the
Promissory Note.
Hedging
As part of the Promissory Note issued to Crimson Midstream, Byron agreed to an oil hedging program on approximately 50% of the
Company's net SM71 proved producing forecast production, as of December 2019. This was implemented during December through a
hedging counterparty, at a preferred customer rate.As of 31 December 2019, Byron has hedge the following daily production volumes
through a forward sale agreement:-
Project Updates

Salt Dome Projects
South Marsh Island 73 Salt Dome
The SM73 field encompasses nine OCS lease blocks (81 square miles) which overlie a large piercement salt dome. The salt dome is responsible
for providing the trapping mechanism for production in all portions of the SM73 field. The SM73 field is productive from discrete
hydrocarbon-bearing sandstone reservoirs which are primarily trapped in three-way structural closures bound either by salt or stratigraphic
thinning, on their updip edge. These reservoirs are Pleistocene to Pliocene age sands ranging in depth from 5,000 feet to 8,800 feet Total
Vertical Depth.
The majority of the field production has come from depths less than 7,500 feet in high quality sandstone reservoirs. Byron is the operator and
100% working interest holder in 5 areas of interest around the SM73 field, comprising SM57/58/59/60/70 and north east portion of SM69, as
shown below. Byron is also the operator of SM71 and SM74, where it has less than a 100% working interest.
South Marsh Island 71
Byron owns the South Marsh Island block 71 ("SM71) a lease in the South Marsh Island Block 73 ("SM73) field. Byron is the designated
operator of SM71 and owns a 50% Working Interest ("WI) and a 40.625% Net Revenue Interest ("NRI) in the block, with Otto Energy Limited
("Otto) group holding an equivalent WI and NRI in the block. Water depth in the area is approximately 137 feet.
Oil and gas production from the Byron operated SM71 F platform began on 23 March 2018 from three wells.
SM 71 ProductionThe F1 and F3 wells are producing in the primary D5 Sand reservoir and the F2 well is producing from the B55Sand, a
secondary exploration target.As of 23 January 2020, the SM71 F facility has produced over 2.0 million barrels of oil (gross) since initial
production began. The facility has also produced over 2.8 billion cubic feet of gas (gross) which, on a revenue basis, is approximately
equivalent to an additional 100,000 barrels of oil.
Current ProductionAs of 31 December 2019, the SM71 platform gross production rate was approximately 3,000 barrels of oil per dayand 3.0
million cubic feet of gas per day and no water from any of the wells.
Oil production for the December 2019 quarter was below the volumes achieved for the September quarter due to partial shut-in of SM71
wells to facilitate the SM71F platform compressor upgrade.The planned compressor upgrade and installation at the South Marsh Island 71 F
Platform was successfully completed and all wells on the platform returned to normal production levels in mid-December 2019.The
compressor upgrade will allow the Company to manage the producing wells in a more consistent, stable manner as the wells will no longer be
affected by normal fluctuations in sales line pressure caused by monthly pipeline maintenance operations.
There are many benefits to stable production rates including more accurate monthly sales nominations, more predictable operating costs and,
with the increased ability to control production rates there will be overall better reservoir management which results in improved oil
recovery. Platform production was shut-in on 7 December for construction work. The SM71 F3 was returned to production in less than three
days producing through the high-pressure production system. Both the SM71 F1 and F2 wells were shut-in a total of seven days. The
installation work was carried out on budget and crews were demobilised on 12 December.During December 2019 quarter, gross oil
production averaged 2,766 barrels of oil per day ("bopd).
Salt Dome Projects
South Marsh Island 73 Salt Dome
For the quarter ended 31 December 2019, Byron's share of net revenue was approximately US$ 6.0 million compared to US$ 6.5 million in
September 2019 quarter, mainly due to lower production as a result of compressor upgrade requiring a partial shut in of the wells.During the
December 2019 quarter, Byron realised an average oil price after uplift for LLS price differentials and deductions for transportation, oil
shrinkage and other applicable adjustments of US$ 55.90 per bbl (US$ 60.25 excluding transportation) compared to US$ 57.18 per bbl and
US$ 61.53 per bbl respectively for the September quarter.Byron realised an average price after transportation deductions of approximately
US$ 2.03 per mmbtu during the December quarter (US$ 2.40 excluding transportation) compared to US$ 2.03 per mmbtu and US$ 2.41 per
mmbtu respectively for the September quarter.Gas was not processed for NGLs as direct gas sales delivered higher proceeds due to supressed
NGL commodity pricing during the quarter.
SM 71 F4 Well

As reported on 25 November 2019, Otto declined to participate in the SM71 F4 well after being offered participation a second time. After re-
evaluating the SM71 F4 well for geological and drilling risks versus potential rewards, Byron decided to drill the F4 well on a 100% basis.The
SM71 Offshore Operating Agreement ("OOA) provides for participation in proposed operations by fewer than all parties, including the right
for the non-participating party to revert to their working interest after the participating party has recouped, out of 100% of production, an
amount of six hundred percent (600%) of all costs associated with drilling and completion, as outlined in Byron's ASX release of 2 October
2019.
The SM71 F4 well is designed to test the highly productive D5 Sand outboard of the main D5 field area on SM71 where the F1 and F3 wells
have combined to produce more than 2.0 million barrels of oil and 2.8 billion cubic feet of gas since production began in March 2018. If
successful, the F4 well would extend and prove up additional reserves in the D5 Sand, in particular the D5 Upper reservoir. Being a separate
reservoir target, if unsuccessful the F4 result has no impact on the existing booked reserves associated with the D5 Sand producing reservoir.
If the SM71 F4 is not successful, the upper portion of the wellbore can be used for the SM71 F5 or another wellcosts of which would be
partially recouped from participating parties in the future well.On Saturday, 25 January 2020, the Enterprise Offshore Drilling 264 ("EOD 264)
arrived on location to drill the SM71 F4 well from Byron's SM71 F Platform. The SM71 F4 well will be drilled to a depth of 8,180 ft Measured
Depth (7,615 ft True Vertical Depth) and is expected to take 25 days to drill.The SM71 F5 well has not yet been officially proposed by Byron (as
operator) due to the structure of the OOA. For clarity timing of the SM71 F5 well, which would also target the D5 Sand, is yet to be
determined.
Byron, through its wholly owned subsidiary Byron Energy Inc., is the operator of SM71 and currently has a 50% working interest and a
40.625% net revenue interest in SM71. Otto holds the remaining interest in SM71.
As previously reported, in early October 2019 Byron completed the drilling of SM58 G1 well (formerly SM58 011 BP01 well) which successfully
tested Byron's Cutthroat Prospect, identified and evaluated using high-tech Reverse Time Migration (RTM), Vector Image Processing (VIP) and
Full Waveform Inversion (FWI) 3D seismic processing. The SM58 G1 well encountered a true vertical thickness net pay of 301 feet in the upper
O Sands.
Mud log data indicated a total hydrocarbon bearing interval thickness in the Lower O section of between 180 and 250 feet.The SM58 G1 well
was mudline suspended so that it ultimately can be completed and placed on production when the G platform is set later this year.As
reported on 17 October 2019, the Company's third-party reserve engineers, Collarini Associates ("Collarini) provided an estimate of the
Prospective Resource for the Lower O Sand penetrated by the SM58 G1 well utilizing all available mud log and mud gas isotube data.
The Lower O Sand over the Cutthroat prospect was assigned 8.074 Mbbls of oil and 10.2 Bcf of gas net to Byron.An additional Lower O Sand
prospect is now included in the resource update as the North Cutthroat Prospect. The North Cutthroat Lower O Sand prospect is based on a
high-quality seismic amplitude that lies upthrown to the main Lower O Sand prospect at Cutthroat.
This prospect will be further evaluated with information gained from the drilling of the G2 well. The North Cutthroat Lower O Sand prospect
has a Prospective Resource (net to Byron) of 2,624 Mbo of oil and 3.2 Bcf of gas.Collarini's overall Prospective Resources for the Lower O Sand
on SM58 are 10,698 Mbbl and 14.0 Bcf of gas (net to Byron). With the inclusion of the Lower O Sand from the Cutthroat area discussed above,
Byron's Prospective Resources for the SM58 have increased 2,065%.For further information on SM58 reserves and prospective resources refer
to the Company's ASX announcements on 19 September 2019 and 17 October 2019.
The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant
market announcements of 19 September 2019 and 17 October 2019 and that all the material assumptions and technical parameters
underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
SM58 G Production Platform and Development Drilling
As reported on 9 May 2019 Byron purchased a production platform consisting of two decks, a jacket and production equipment from a private
company for a total price of US$ 1.0 million. Construction work on the future SM58 G platform is ongoing in Abbeville, Louisiana and remains
on schedule for installation in June 2020. Structural work to the jacket portion of the platform is in progress and painting and coating of the
deck portion is complete. The next construction phase will focus on interconnect piping. All production equipment is being refurbished and
will be reinstalled along with instrumentation and electrical work over the next three months. When completed and installed, the SM58 G
platform will be capable of handling 8,000 barrels of oil per day, 80 million cubic feet of natural gas per day and 8,000 barrels of water per
day.

As previously reported, the SM58 G1 well encountered a true vertical thickness net pay of 301 feet in the Upper O Sands. Mud log data
indicated a total hydrocarbon bearing interval thickness in the Lower O section of between 180 and 250 feet. Due to hole conditions, the
Lower O Sand interval was not logged in the SM58 G1 well and will be the primary target of a future well. The SM58 G1 well was mudline
suspended so that it ultimately can be completed and placed on production when the G platform is set later this year.As reported on 28
January 2020, the Company has executed a drilling contract with Enterprise Offshore Drilling to utilize the EOD 264 mat jack up rig to drill four
new wells and complete all successful wells drilling during the program along with completion of the SM58 G1 well. The contract calls for the
EOD 264 to be released to Byron after 15 May 2020, subject to its availability.
The initial well to be drilled under the contract will be the SM69 E2 (refer to South Marsh Island 69 section below).The focus of the second
phase of Byron's 2020 drilling program will be the SM58 lease where three new wells will be drilled from the SM58 G Platform once it is set.
Initial operations when the rig is mobilized to SM58 G will be to complete the G1 well as an Upper O Sand producer before beginning to drill
new wells.
The first new well, the SM58 G2, will be drilled to retest the Lower O Sand where strong oil shows were observed over a 150-250-foot section
of the SM58 G1 wellbore in September of 2019 (refer to Byron's ASX release dated 30 September 2019 for details). Additional new wells will
also be drilled from the SM58 G Platform to test the Upper and Lower O Sands defined in Byron's Steelhead Prospect and the Upper O Sand in
the Brown Trout Prospect. The exact order of drilling will be determined in the next few months and the rig will also be used to complete all
successful wells drilled at SM69 and SM58 under the contract. Byron's contract also provides the opportunity to add an optional well to the
program should the Company choose to do so.
SM58 Production Statistics
Byron's share of production for the quarter ended 31 December 2019 is shown in the table below. Byron acquired the SM 58 lease effective
1st January 2019.
South Marsh Island 57 and 59
Byron currently holds a 100% WI and an 81.25% NRI in SM57/59. Water depth in the area is approximately 125 feet.The SM57/59 blocks, as
part of the larger SM71 project area, are also focus areas of the seismic processing project, which Byron undertook with Schlumberger's
subsidiary WesternGeco to help evaluate potential future exploration drill sites.
As previously reported, Byron entered into a Joint exploration Agreement and a related Production Handling Agreement with SM69
leaseholders to drill a SM69 E2 development well off the recently acquired E Platform to earn interest in the north-east portion of the SM69
lease block. Byron and SM69 leaseholders have finalised a Joint Exploration Agreement for the proposed E2 well in the south 3/4 of the north-
east &frac14of the north east &frac14of SM69.By funding 100% of the well Byron will earn 100% WI and 80.33% NRI until E2 Project Payout,
at which time and at the leaseholder's election, Byron's NRI will either adjust to 77.33% or the leaseholders can convert to a 30% WI and
Byron's interest in the project would adjust to 70% WI with an unburdened 58.33% NRI. The SM69 E2 well will test six sands in a fault block
adjacent to the fault block where the SM58 E1 well is currently producing from the K4 Sand. If the SM69 E2 well is successful, first production
from the E2 well is expected within three to six months.
Byron Energy Inc, a wholly owned subsidiary of the Company, acquired the South Marsh Island 60 lease ("SM60 at the Gulf of Mexico, Outer
Continental Shelf ("OCS) Lease Sale 252 held in New Orleans, Louisiana on 20 March 2019. From 1978 through 2006, nine wells completed for
production on SM60 produced a combined total of 385 billion cubic feet of gas and 787,000 barrels of oil. SM60 lies within the area of Byron's
RTM reprocessing project which was used to evaluate the prospect potential on the block.
Byron has a 100% WI and 87.5% NRI (royalty rate of 12.5%) South Marsh Island 70 ("SM 70) at the Gulf of Mexico OCS Lease Sale 250 held on
21 March 2018 in New Orleans, Louisiana. Byron has identified several higher risk exploratory leads on SM70. These leads are being evaluated
following completion Byron's South Marsh Island project seismic reprocessing work in late 2018. No material activity was undertaken on
SM70 during the December 2019 quarter
Eugene Island blocks 62, 63, 76 and 77

Byron acquired Eugene Island blocks 62, 63, 76 and 77 ("EI62/63/76/77), at Gulf of Mexico OCS Lease Sale 250 held on 21 March 2018 in New
Orleans, Louisiana. Water depth in the area is approximately 20 feet.Byron currently holds a 100% WI and an 87.5% NRI in EI62/63/76/77,
reflecting the recently reduced Federal Government Royalty of 12.5% versus pre-2017 rate of 18.75%.EI62/63/76/77 were designated as the
Eugene Island 77 Field in the 1960's and have produced 362 billion cubic feet of gas and 6.5 million barrels of oil from sands trapped by the
Eugene Island 77 salt dome. Initial production from the field began in 1957.
There is no production on these blocks currently.On the basis of proprietary RTM, undertaken by WesternGeco (a Schlumberger group
company) in 2014 of 3D seismic data over the entire four block Eugene Island 77 Field, Byron acquired EI62/63/76/77 at the OCS Lease Sale
250.As a result of this detailed work Byron significantly upgraded the reserve potential of EI62/63/76/77.In the September 2018 quarter,
Byron began a reprocessing effort similar that undertaken on the SM71 Project Area with WesternGeco over all four Eugene Island blocks
leased by the Company. Final deliverables were received during the June quarter 2019. Analysis of the reprocessed data is continuing.As
previously reported, drilling plans for EI 77 have been paused, with SM58 being brought forward ahead of the EI77 field wells.
Main Pass 293, 305 & 306
Byron currently holds a 100% WI and an 87.50% NRI in Main Pass 293, 305 & 306 ("MP 306 Field) acquired at the Gulf of Mexico, Outer
Continental Shelf ("OCS) Lease Sale 251 ("Lease Sale 251) held in New Orleans, Louisiana on 15 August 2018.The three leases comprise the
MP306 field as formerly designated by the Bureau of Ocean Energy Management ("BOEM). The MP 306 Field was discovered in 1969 and lies
in approximately 200 feet of water. Total produced hydrocarbons from the field are 96 million barrels of oil and 107 bcf of gas from 172 of the
249 total wells drilled. The field ceased production in late 2009 and the last well drilled on any of these blocks was in 2004.
The production was from a number of sands ranging from a depth of 4,000 to 9,000 feet.The structural complexity of the salt dome combined
with the stratigraphic variation of the trapping sands and possible deeper stratigraphic targets makes this salt dome an ideal candidate for
RTM seismic imaging, similar to Byron's operated SM71 salt dome project. While no material activity was undertaken during the December
2019 quarter, the Company will shortly start scoping an RTM seismic imaging project over the MP306 field.
Non-Salt Dome Projects
Grand Isle Block 95
Grand Isle Block 95 ("GI95) is located in US Federal waters, approximately 100 miles southeast of New Orleans, Louisiana, at a water depth of
approximately 201 feet. The Company has a 100% operated WI and an 87.5% NRI, reflecting the recently reduced Federal Government
Royalty of 12.5% versus pre-2017 rate of 18.75%. Water depth in the area is approximately 197 feet.Byron acquired the GI95 lease at Central
Gulf of Mexico OCS Lease Sale 249 held on 16 August 2017 in New Orleans, Louisiana. No material activity was undertaken on GI 95 during
December 2019 quarter.

Section 6 – Appendix
The data and analysis within this report is driven by GlobalData.
GlobalData gives you key information to drive sales, investment and deal making activity in your business.
Our coverage includes 200,000 + reports on 185,000+ companies (including 150,000+ private) across 200+ countries and 29 industries. The
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Methodology
GlobalData company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of
data. The key sources used include:
• Company Websites
• Company Annual Reports
• SEC Filings
• Press Releases
• Proprietary Databases
Currency Codes
Currency Code Currency
USD U.S. Dollars

GlobalData
Units
Unit Expanded
MMbbl Million barrels

MMtpa Million metric tonnes per annum
bcf Billion cubic feet
mmscm Million standard cubic meters
MMcf Million cubic feet
MMtpa Million metric tonnes per annum
M3 Cubic meters
GlobalData
Ratio Definitions
Capital Market Ratios
Capital Market Ratios measure investor response to owning a company's stock and also the cost of issuing stock.
Price/Earnings (P/E) ratio is a measure of the price paid for a share relative to the annual income earned
Price/Earnings Ratio
per share. It is a financial ratio used for valuation: a higher P/E ratio means that investors are paying more
(P/E)
for each unit of income, so the stock is more expensive compared to one with lower P/E ratio. A high P/E
suggests that investors are expecting higher earnings growth in the future compared to companies with a

lower P/E. Price per share is as of previous business close, and EPS is from latest annual report.
Calculation: Market Cap / Net Income
Enterprise Enterprise Value/EBITDA (EV/EBITDA) is a valuation multiple that is often used in parallel with, or as an
Value/Earnings before alternative to, the P/E ratio. The main advantage of EV/EBITDA over the PE ratio is that it is unaffected by a
Interest, Tax, company's capital structure. It compares the value of a business, free of debt, to earnings before interest.
Depreciation & Price per share is as of previous business close, and shares outstanding last reported. Other items are from
Amortization latest annual report.
(EV/EBITDA) Calculation: {(Market Cap + Debt + Minority Interest + Preferred Stock (Redeemable + Non-
Redeemable) - Cash & Cash Equivalents)} / (Operating Income + Depreciation + Amortization)
Enterprise Value/Sales (EV/Sales) is a ratio that provides an idea of how much it costs to buy the company's
sales. EV/Sales is seen as more accurate than Price/Sales because market capitalization does not take into
account the amount of debt a company has, which needs to be paid back at some point. Price per share is
Enterprise Value/Sales as of previous business close, and shares outstanding last reported. Other items are from latest annual
report.
Calculation: {(Market Cap + Debt + Minority Interest + Preferred Stock (Redeemable + Non-
Redeemable) - Cash & Cash Equivalents)} / Revenue
Enterprise Value/Operating Profit measures the company's enterprise value to the operating profit. Price
Enterprise per share is as of previous business close, and shares outstanding last reported. Other items are from latest
Value/Operating Profit annual report.
Redeemable) - Cash & Cash Equivalents)} / Operating Income
Enterprise Value/Total Assets measures the company's enterprise value to the total assets. Price per share
Enterprise Value/Total is as of previous business close, and shares outstanding last reported. Other items are from latest annual
Assets report.
Redeemable) - Cash & Cash Equivalents)} / Total Assets
Dividend Yield shows how much a company pays out in dividends each year relative to its share price. In
Dividend Yield
the absence of any capital gains, the dividend yield is the return on investment for a stock.
Calculation: Annual Dividend per Share / Price per Share
GlobalData
Equity Ratios
These ratios are based on per share value.

Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of
Earnings per Share (EPS)
common stock. EPS serves as an indicator of a company's profitability.
Calculation: Net Income / Weighted Average Shares
Dividend per Share Dividend is the distribution of a portion of a company's earnings, decided by the board of
directors, to a class of its shareholders.
Dividend Cover Dividend cover is the ratio of company's earnings (net income) over the dividend paid to shareholders.
Calculation: Earnings per share / Dividend per share
Book Value per Share measure used by owners of common shares in a firm to determine the level of safety
Book Value per Share associated with each individual share after all debts are paid accordingly.
Calculation: {Shareholders Equity - Preferred Stock (Redeemable + Non-Redeemable)} / Outstanding
Shares
Cash Value per Share is a measure of a company's cash (cash & equivalents on the balance sheet) that is
Cash Value per Share
determined by dividing cash & equivalents by the total shares outstanding.
Calculation: Cash & equivalents / Outstanding Shares
GlobalData

Profitability Ratios
Profitability Ratios are used to assess a company's ability to generate earnings, based on revenues generated or resources used. For
most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that
the company is doing well.
Gross margin is the amount of contribution to the business enterprise, after paying for direct-fixed and
Gross Margin
direct-variable unit costs.
Calculation: (Gross Profit / Revenue}*100
Operating Margin Operating Margin is a ratio used to measure a company's pricing strategy and operating efficiency.
Calculation: (Operating Income / Revenue) *100
Net Profit Margin is the ratio of net profits to revenues for a company or business segment - that shows
Net Profit Margin
how much of each dollar earned by the company is translated into profits.
Calculation: (Net Profit / Revenue) *100
Profit Markup Profit Markup measures the company's gross profitability, as compared to the cost of revenue.
Calculation: Gross Income / Cost of Revenue
PBIT Margin (Profit Profit Before Interest & Tax Margin shows the profitability of the company before interest expense &
Before Interest & Tax) taxation.
Calculation: {(Net Profit+Interest+Tax) / Revenue} *100
PBT Margin (Profit
Profit Before Tax Margin measures the pre-tax income over revenues.
Before Tax)
Calculation: {Net Income Before Tax / Revenue} *100
Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the
Return on Equity common stock owners.
Calculation: (Net Income / Shareholders Equity)*100
Return on Capital Employed is a ratio that indicates the efficiency and profitability of a company's capital
Return on Capital
investments. ROCE should always be higher than the rate at which the company borrows; otherwise any
Employed
increase in borrowing will reduce shareholders' earnings.
Calculation: Operating Income / (Total Assets – Current Liabilities) * 100
Return on Assets is an indicator of how profitable a company is relative to its total assets, the ratio
Return on Assets
measures how efficient management is at using its assets to generate earnings.
Calculation: (Net Income / [Current Year Total Assets + Last Year Total Assets)/2])*100
Return on Fixed Assets measures the company's profitability to its fixed assets (property, plant &
Return on Fixed Assets
equipment).
Calculation: (Net Income / [Current Year Fixed Assets + Last Year Fixed Assets)/2]) * 100
Return on Working
Return on Working Capital measures the company's profitability to its working capital.
Capital
Calculation: {Operating Income / (Current Assets-Current Liabilities)} * 100
GlobalData
Cost Ratios
Cost ratios help to understand the costs the company is incurring as a percentage of sales.
Operating costs (% of Operating costs as percentage of total revenues measures the operating costs that a company incurs
Sales) compared to the revenues.
Calculation: (Operating Expenses / Revenue) *100
Administration costs (% Administration costs as percentage of total revenue measures the selling, general and administrative
of Sales) expenses that a company incurs compared to the revenues.
Calculation: (Administrative Expenses / Revenue) *100
Interest costs (% of Interest costs as percentage of total revenues measures the interest expense that a company incurs
Sales) compared to the revenues.
Calculation: (Interest Expenses / Revenue) *100

GlobalData
Liquidity Ratios
Liquidity ratios are used to determine a company's ability to pay off its short-terms debts obligations. Generally, the higher the value
of the ratio, the larger the margin of safety that the company possesses to cover short-term debts. A company's ability to turn short-
term assets into cash to cover debts is of the utmost importance when creditors are seeking payment. Bankruptcy analysts and
mortgage originators frequently use the liquidity ratios to determine whether a company will be able to continue as a going concern.
Current Ratio measures a company's ability to pay its short-term obligations. The ratio gives an idea of the
company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash,
Current Ratio inventory, receivables). The higher the current ratio, the more capable the company is of paying its
obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they
came due at that point.
Calculation: Current Assets / Current Liabilities
Quick Ratio Quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets.
Calculation: (Current Assets - Inventories) / Current Liabilities
Cash ratio is the most stringent and conservative of the three short-term liquidity ratio. It only looks at the
most liquid short-term assets of the company, which are those that can be most easily used to pay off
Cash Ratio
current obligations. It also ignores inventory and receivables, as there are no assurances that these two
accounts can be converted to cash in a timely matter to meet current liabilities.
Calculation: {(Cash & Bank Balance + Marketable Securities) / Current Liabilities)}
GlobalData
Leverage Ratios
Leverage ratios are used to calculate the financial leverage of a company to get an idea of the company's methods of financing or to
measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity,
assets and interest expenses.
Debt to Equity Ratio is a measure of a company's financial leverage. The debt/equity ratio also depends on
Debt to Equity Ratio the industry in which the company operates. For example, capital-intensive industries tend to have a higher
debt-equity ratio.
Calculation: Total Debt / Shareholders Equity
Debt to capital ratio gives an idea of a company's financial structure, or how it is financing its operations,
along with some insight into its financial strength. The higher the debt-to-capital ratio, the more debt the
company has compared to its equity. This indicates to investors whether a company is more prone to using
Debt to Capital Ratio
debt financing or equity financing. A company with high debt-to-capital ratios, compared to a general or
industry average, may show weak financial strength because the cost of these debts may weigh on the
company and increase its default risk.
Calculation: {Total Debt / (Total Debt + Shareholders Equity)}
Interest Coverage Ratio is used to determine how easily a company can pay interest on outstanding debt,
Interest Coverage Ratio
calculated as earnings before interest & tax by interest expense.
Calculation: Operating Income / Interest Expenses
GlobalData
Efficiency Ratios
Efficiency ratios measure a company's effectiveness in various areas of its operations, essentially looking at maximizing its use of
resources.
Fixed Asset Turnover ratio indicates how well the business is using its fixed assets to generate sales. A
Fixed Asset Turnover
higher ratio indicates the business has less money tied up in fixed assets for each currency unit of sales
revenue. A declining ratio may indicate that the business is over-invested in plant, equipment, or other

fixed assets.
Calculation: Revenue / [Current Year Fixed Assets + Last Year Fixed Assets)/2]
Asset turnover ratio measures the efficiency of a company's use of its assets in generating sales revenue to
Asset Turnover the company. A higher asset turnover ratio shows that the company has been more effective in using its
assets to generate revenues.
Calculation: Revenue / [Current Year Total Assets + Last Year Total Assets)/2]
Current Asset Turnover Current Asset Turnover indicates how efficiently the business uses its current assets to generate sales.
Calculation: Revenue / [Current Year Current Assets + Last Year Current Assets)/2]
Inventory Turnover ratio shows how many times a company's inventory is sold and replaced over a period.
Inventory Turnover A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales
or ineffective buying.
Calculation: Cost of Goods Sold /[Current Year Inventory + Last Year Inventory)/2]
Working Capital Turnover is a measurement to compare the depletion of working capital to the generation
Working Capital
of sales. This provides some useful information as to how effectively a company is using its working capital
Turnover
to generate sales.
Calculation: Revenue / (Current Assets – Current Liabilities)
Capital Employed Capital employed turnover ratio measures the efficiency of a company's use of its equity in generating sales
Turnover revenue to the company.
Calculation: Revenue / (Total Assets – Current Liabilities)
Capex to Sales ratio measures the company's expenditure (investments) on fixed and related assets'
Capex to sales
effectiveness when compared to the sales generated.
Calculation: (Capital Expenditure / Revenue) *100
Net income per Net income per Employee looks at a company's net income in relation to the number of employees they
Employee have. Ideally, a company wants a higher profit per employee possible, as it denotes higher productivity.
Calculation: Net Income / No. of Employees
Revenue per Employee measures the average revenue generated per employee of a company. This ratio is
Revenue per Employee most useful when compared against other companies in the same industry. Generally, a company seeks the
highest revenue per employee.
Calculation: Revenue / No. of Employees
Efficiency Ratio is used to calculate a bank's efficiency. An increase means the company is losing a larger
Efficiency Ratio percentage of its income to expenses. If the efficiency ratio is getting lower, it is good for the bank and its
shareholders.
Calculation: [Non-interest expense / (Net Interest Income + Non-Interest Income)] * 100
GlobalData
Notes
• Financial information of the company is taken from the most recently published annual reports or SEC filings
• The financial and operational data reported for the company is as per the industry defined standards
• Revenue converted to USD at average annual conversion rate as of fiscal year end
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Financial and Strategic SWOT Analysis Review

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Schlumberger Ltd Increasing Upstream Stringent Regulations

Source: Annual Report, Company Website, Primary and Secondary

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Financial Ratios - Annual Ratios ....................................................................................................................................................... 44

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Section 1 - About the Company

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Schlumberger Ltd - Key Employees

Name Job Title Board Level Since Age

Mark G. Papa Chairman Executive Board 2019 73

Lubna S. Olayan Director Non Executive Board 2011 64

Khaled Al Mogharbel Executive Vice President Senior Management 2019 49

Kevin Fyfe Controller, Vice President Senior Management 2017 46

Claudia Jaramillo Treasurer, Vice President Senior Management 2017 47

Vijay Kasibhatla Director Mergers and Senior Management 2013 56

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Gavin Rennick Vice President Human Resources Senior Management 2019 45

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Schlumberger Ltd - Key Employee Biographies

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Schlumberger Ltd - Major Products and Services

Schlumberger Ltd, Major Products and Services

Completion Systems, Fluids, and Tools

Subsea Lift Systems

Exploration and Production Software

Drilling and Completion Fluids

Coiled Tubing Services

Consulting and Data Services

Integrated Project Management

BPO Financial Services

Seismic Data Acquisition and Processing

Open-Hole and Cased-Hole Wireline Logging

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Well Completion Services

Integrated Project Management

Solids Control and Waste Management

Surface Data (Mud) Logging

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Schlumberger Ltd - History

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license data from the WesternGeco Campeche wide-azimuth (WAZ)

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Wide-Azimuth Seismic Survey in the Campeche Basin.

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fluid analysis laboratory located in Houston, Texas.

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brownfield and stranded gas reserves.

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measurements, a new drilling technology.

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2012 Acquisitions/Mergers/Takeovers In March, the company acquired SPT Group.

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(WPPC) dedicated to the manufacturing and support of state-of-the-art

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2008 Acquisitions/Mergers/Takeovers In June, Schlumberger acquired Integrated Exploration Systems, Inc.