"Schlumberger reported losses for the first time in North America since the turn of the century and is now evaluating whether it’s worth a temporary business halt. Baker Hughes Inc. has decided to limit exposure to costly work in the region because of “unsustainable pricing.”
http://houstonenergyinsider.com/?p=5322&utm_campaign=shareaholic&utm_medium=linkedin&utm_source=socialnetwork
MISwaco got hammered by Guy A. He's on a mission to take Paal K's position by 2022.
same thing for MISWACO............they run that business into the ground, laid off all the senior guys and now its falling apart in NAM
they need to purchase more conference room furniture. this is why they need to lay off people.
Please spin off whatever greedy big blue deems necessary, Big China will sweep all in.
This news doesn't surprise me too much. Back in early 2000 bust SLB sold off some entities so to limit its NAM exposure due to poor Mkt conditions. It would a jaw dropper, but if they spin something off to buy or get into another type of exposure to increase revenue they'll continue following their history to a "t". One busi. unit that comes to mind with this article is SLB's race to combine and reduce a lot of knowledgeable people in the Tools/Bits segment. Possible spin off coming? It is a rumor that was floating around end of last year.....Interesting article, wow, guess time will tell....
Planning on closing many locations. DM cost sugar land most of its profit in 2016.