SLB expands presence in Russia amid competitors' exodus

The world's largest oilfield services company, SLB (formerly Schlumberger), is expanding its presence in Russia, even as its main competitors have exited the country. According to Report, which cites the Financial Times, SLB's business in Russia generated $1.6 billion last year, accounting for 5% of its total revenue of $33.1 billion.

As of the end of 2023, SLB held net assets in Russia worth $600 million in book value. When asked about the possibility of leaving the Russian market, CEO Olivier Le Peuch stated that the decision will be made public when it is made.

Le Peuch also noted that since July, SLB has implemented control measures to prevent and prohibit any supply and support of technologies to Russia. He believes this move will, in the long run, lead to a deterioration of the country's ability to develop some of its offshore oil fields.

Previously, the company had also stopped new investments and supplies of its products to Russia. Following the tightening of Western sanctions, many foreign companies have announced their withdrawal from Russia, including major oilfield services firms Halliburton and Baker Hughes.