When will Paal finally sort this group out?
15 replies (most recent on top)
No, would not have done the same thing as Schlumberger. Yes, they would have had layoffs, but they would have been by seniority. Smith had many years of manufacturing experience under their belt. They understood the value of experienced employees. SLB does not. They let computers decide who's valuable. Experience doesn't figure into it. They trashed the company by trashing the very people who made the Smith what it was.
Bad timing to judge this.
Reason could be oil collapse, Smith would have done same thing as slb did to any segment,imo
"Legacy Smith continues to be a drag on our earnings! When will Paal finally sort this group out?" OMG I think Paal has done quite enough already. MI and Bits used to be fantastic companies and leadership brands - not now, fixed them good and proper already didn't he?
Silly a*&ed internally focused initiatives and ridiculous synergy targets acted like a virus and ravaged the legacy organization largely through forcing quality management, sales and technical staff out and moving customers from the nucleus around which the legacy organization revolved to an inconvenient afterthought.
Since acquisition, the third and smallest legacy smith group (f.k.a. Smith Services) experienced almost complete value destruction under an inept, poorly incentivized SLB management team. Smith Services should have been sold straight away - everyone saw this at the time. Everyone except Napoleon and merry band of sycophantic bum chums that is.
And now it's someone else's fault and all the while these same obsequious "management" team awards itself boomtown era compensation increases and hands out green cards and passports to its most servile members.
Yeah, right. Performed by Schlumberger.
It's true, Smith was a world class company before SLB. There can be no doubt that it's current status is a direct result of Schlumberger's management style. They did the same thing to Reed.
SLB destroyed most of these business ........bits and MI use to lead the industry by a country mile, I heard Halliburton has taken over both slots in bits/mud
I too am in our financial group and agree, margins are extremely low. It’s not obvious what we will do but whatever is done must be done top down and as soon as possible!
It's a fricken mess.
Do everybody a favor and sell them
I work in finance. Smith products and services, with the exception of MI, has the lowest margins of all our groups.
Go get a job and stop crying.
good
Well I think the move from ponca to Texas is going well just look at business they are getting know .
OP got fired from Smith. Doing this out of grudge.
Hey original poster of this thread, do you have a vested interest in that acquisition ? If no then why don't you give it a rest already.
PY0MCJ8
Please explain in detail the correlation from the acquisition of Smith, the loss in basis points, and the organic market decline. If you know anything at all.