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Houston-based Schlumberger secures unique well services contract in the UK

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Houston-based Schlumberger (NYSE: SLB) was awarded a four-year contract of an undisclosed amount for oil well services in the Mariner field on the United Kingdom continental shelf (UKCS) by Norwegian multinational, Statoil (NYSE: STO).

Back in January, Statoil announced that it planned to invest over $7 billion on the UKCS, making it the largest new offshore development in the UK in over ten years according to Decom World. Now, Statoil is sharing the risk and reward with Schlumberger on what is being called the “project of the decade” in the UK.

Lars Christian Bacher, Statoil’s executive VP for development and production states, “We are satisfied that we now are able to make an investment decision for a profitable development of the Mariner field.”

Production on the UKCS is planned to start in 2017 and estimated to produce an average of around 55,000 barrels per day for 30 years.

Schlumberger is making moves to grow market share dominance continuously on both the national and international levels.

In 2013, Schlumberger had annual revenue of $45.3 billion making it the largest oil services provider in the US.

Recently, competitor Halliburton (NYSE: HAL) acquired Baker Hughes (NYSE: BHI) in a merger, and on a pro-forma basis, both companies had a combined revenue of $51.8 billion for 2013. Read more…

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