SLB says its Russia enterprise aligns with new US sanctions as income drops

HOUSTON (Reuters) – Oilfield service supplier SLB on Friday mentioned its present enterprise in Russia nonetheless aligns with new U.S. sanctions on Russia, however that income within the nation was declining.

The world’s largest oilfield service firm is without doubt one of the few western corporations to stay in Russia after its 2022 invasion of Ukraine.

The corporate is reviewing the brand new sanctions and believes that voluntary measures it has taken to regulate its enterprise are aligned with the brand new restrictions, Chief Govt Officer Olivier Le Peuch mentioned on Friday in an earnings name.

Income from SLB’s operations in Russia has been declining and accounted for simply 4% of its whole income, down from 5% the 12 months earlier than, he mentioned.

The U.S. Treasury this month tweaked an government order to chop off Russia’s entry to U.S. companies associated to the extraction and manufacturing of crude oil and different petroleum merchandise, efficient Feb 27.