Oilfield services giant Schlumberger reported that it would be dropping its seismic acquisition business but would continue with its processing and interpretation lines.
The company stated in its recent reports that the seismic acquisition business no longer meets its return expectations in the short to long term when placed against observed changes in market demand.
Schlumberger CEO PaalKibsgaard said: “With the significant changes seen in customer priorities and buying habits in recent years, we have also continued to evaluate the present and future return prospects for all of our product lines, as we look to maximize all aspects of the Company’s long-term financial performance.
“Based on this indepth analysis, the only product line that does not meet our return expectations going forward, even factoring in an eventual market recovery, is our seismic acquisition business.
“We have therefore taken the difficult decision to exit the marine and land seismic acquisition market, and instead turn our WesternGeco product line into an asset-light business, built on our leading position within multiclient, data processing, and geophysical interpretation services.”