UPDATE 2-Schlumberger names new CEO, tops revenue on international demand [Reuters]
SUBSEA 7 S.A. S/ADR (SUBCY)
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Company Research
Source: Reuters
Schlumberger names new CEO, tops revenue on international demand (Reuters) - Schlumberger NV said on Friday Chief Operating Officer Olivier Le Peuch will replace longtime Chief Executive Officer Paal Kibsgaard, as the company looks to shore up its position as a leader in drilling technology. The world’s largest oilfield services provider also reported better-than-expected quarterly revenue, as demand in international markets countered weakness in North America, sending its shares up more than 1% before the bell. The change of guard comes when the oilfield services industry is buffeted by moderating demand as oil producers cut spending to mollify investors seeking higher returns and efficiency gains are enabling companies to extract more oil with fewer resources. A veteran who has been with the company for more than three decades, Le Peuch was being groomed as a successor and was in February named the chief operating officer, a role Kibsgaard held before his elevation to the top role i
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