Got word this morning (Non-Big blue source that works for buyer company) that Schlumberger is selling off. Don’t know all the details yet, but it’s more than done already. Now it’s down to dotting I’s and crossing T’s.
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Liberty OneStim deal?
Getting rid of superfluous buildings. Kibsgaard should have done this years ago instead of keeping useless trophy buildings which cost $$$$$ to run. He should have consolidated the manufacturing units rather than having them all over the globe..... Probably a bit too late now.
I hope they sell off Cameron! Cam always did great without the noses of SLB involvement. Could be why all the other closing locations are dumping wood in OKC...... In this case, I back the red!
Tons of Schlumberger land and equipment ARE being auctioned off. That’s “selling off” to me. Getting rid of stuff seems like they need the money too. Schlumberger is ALWAYS late to the party. They are trying to also still frac! It’s insane-let’s call you back and pay you $25 and hour after we made you take 20% paycut and then lay you off so we paid LESS money at payout. Also they mad sure to take away the $1k per moneys they paid in places for cost of living for rent etc. in Midland and Williston then f—ed all the coworkers. Why would one go through that and go back? From $35 and hour then to $28 in some cases plus $1k per month housing allowance lost and insult you by trying to have you come back as an independent contractor with no insurance or housing allowance of $25-27 an hour? Duck these guys!!!!
A really disheartening line in the WSJ article is how CEOs don't know where they'll get new talent to reinvent themselves. Why not turn to the loyal talent you already have, ask them and perhaps listen? SLB is too "command and control". Management has zero regard for underlings. But perhaps if they were allowed to speak up and taken seriously some great things could happen. A big problem at SLB is not fully utilizing what it has (in this case the minds and talents of it's current employees), instead it's always chasing after the next cool/great/trendy thing whether it's college kids or hollow management initiatives. Yes, there will always be a need for new talent... but SLB could really rock it if it actually cared about the talent it has.
Artificial Lift is pretty much a done deal already. Pumping Units, DonNan and RLC have sold. KPS Capital is buying them.
They are selling of properties per the HBJ.
Man I hope they sell Sweco! Would love to get out from under these SLB mo–ns.
More than likely just parts of the business being sold, but total sale possible due to the depressed share price.
Which industry is the buyer in? USA or international?
Would be hard for shareholders to decline an offer more than $25/share under today’s circumstances. Future free cash flows will be depressed at least through 2025 by when demand for oil will likely be lower than it was in 2019
More information would be great. First off, all of Schlumberger would not sell off, they are too big of a company for someone to come in and buy them in entirety. But I can see them selling off different divisions of the company. So yes, there might be truth to what you’re saying, but it’s not as dire as you made it sound.