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Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhône Capital, and Schlumberger jointly announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction by year-end 2019.
Schlumberger introduced the IriSphere look-ahead-while-drilling service at the Offshore Technology Conference. The new service provides the industry's first application of electromagnetic (EM) technology for detecting formation features ahead of the drill bit in oil and gas wells.
Rockwell Automation, which is dedicated to industrial automation and information, and Schlumberger, a leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, have entered into an agreement to create a new joint venture, Sensia, the first fully integrated digital oilfield automation solutions provider.
Subsea Integration Alliance has announced the award of integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) contracts. These awards, by Esso Australia Pty Ltd, represent the first integrated subsea project for Subsea Integration Alliance in Australia combining OneSubsea and Subsea 7 expertise in subsea production systems (SPS) and subsea umbilical, riser and flowline (SURF) systems.
Schlumberger introduced Concert well testing live performance technology at the Abu Dhabi International Petroleum Exhibition & Conference. The new technology brings real-time surface and downhole measurements, data analysis, and collaboration capabilities to well testing.
Schlumberger Limited reported results for the third quarter of 2018:
- Revenue of $8.5 billion increased 2% sequentially
- Pretax operating income of $1.2 billion increased 5% sequentially
- EPS was $0.46
- Cash flow from operations was $1.8 billion
- Free cash flow was $1.0 billion
Smith Bits, a Schlumberger company, has launched the HyperBlade hyperbolic diamond element bit that reduces drilling costs by improving the rate of penetration (ROP), while maintaining steering response and directional tracking in soft and plastic rock formations.
Schlumberger launched the CemFIT Shield mud-sealing cement system at the Society of Petroleum Engineers Annual Technical Conference and Exhibition (SPE ATCE). The CemFIT Shield system provides the industry's first zonal isolation technology specifically designed to improve isolation between hydraulic fracturing stages in long horizontal wells.