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Schlumberger

Schlumberger

Industry: 
Energy
Value of USG Contracts: 
31
Symbol: 
NYSE:SLB
States: 
CA
CO
FL
TX
Country: 
Netherlands
Sources: 

"Oil field services giant Schlumberger Ltd. said in a securities filing that it wound down its operations in Iran, which ran at a loss. The disclosure, made late Wednesday in a securities filing under sanctions law requirements that went into effect in February, said non-U.S. subsidiaries of Schlumberger provided oilfield services to the National Iranian Oil Co. in the first half of the year as the company completed its wind-down of the operations during the second quarter. Schlumberger earned $102 million in revenue during 2013 for the Iranian activity, resulting in a net loss of $69 million, it said in the filing. The company, which is the world’s largest oil field services firm, reported quarterly revenue of $11.2 billion, up more than 8% from the same period in 2012." (The Wall Street Journal, "Schlumberger Discloses Iran Operations Wind-Down, 7/25/2013")

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"Khazar has also been working with Schlumberger, one of the last Western oilfield services firms currently operating in Iran. However, in January, Schlumberger, which has principal offices in Houston, Paris, and the Hague, announced that it will exit the country by the end of this year, after having booked USD 418m in revenue in 2012 through oilfield services provided by 'certain non-US subsidiaries' to the NIOC. 'Schlumberger intends to discontinue such activity in Iran in 2013 and is currently winding down its operations there,' the company stated in its annual report, adding that Schlumberger will leave once its ongoing contracts in the country expire." (Financial Times, "Iran seeks Chinese proxies to further offshore drilling ambitions," 5/31/2013) 

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"The world's largest oil-services company has quietly promised the US State Department that it will pull out of Iran when its current contracts are complete, a spokesman for Schlumberger Ltd. has confirmed, marking what could be a major victory in the US struggle to cut off Iran's access to funds for its nuclear program. 'If it is true, it's huge,' said Richard Modesette, a former Commerce Department special agent. But internal company documents obtained by The Boston Globe show that Schlumberger - which is under investigation for possible sanctions violations - has signed contracts worth hundreds of millions of dollars that it intends to complete before it exits. Those contracts will keep the company, believed to be the last Western oil-services firm in Iran, working in the oil-rich country until least 2013, a delay that has angered some US officials....But if Iran agrees to curb its nuclear program, sanctions could ease by the time Schlumberger’s last contract expires....In that case, the firm could just keep on doing business." (Boston Globe, "Oil firm says it will withdraw from Iran," 11/12/10)

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"The oil exploration giant has long been active in Iran and continues to provide drilling and exploration services to Iran's oil and gas sector, according to filings with the Securities and Exchange Commission. "We work in more than 80 countries around the world, including Iran, and we abide by the rules in those countries," said a company spokesman, Stephen Whittaker, adding: "We don't take a position on what the country does or doesn't do. It is what it is."" 

From 2000-2009, the company was a recipient of $30.7 million US federal funds.  Their investments in Iran are currently active, however there are no plans for new investments.  (The New York Times, "Profiting from Iran, and the US." 3/6/2010)

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Schulmberger lists a regional "Iran GeoMarket" headquarters office in Tehran (Company website, 7/13/09)

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"But the device - developed by the oil-services firm Schlumberger in labs in Connecticut and Texas - was brought to Iran through a legal loophole that allows multinational corporations to use foreign subsidiaries to sidestep US sanctions, according to a Globe investigation. Schlumberger acknowledges that its US-developed tool has been used in Iran, and a spokesman said the company followed all applicable laws and regulations." (The Boston Globe, "Oil firm sidesteps sanctions on Iran," 12/7/08)

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"In the early 1940 s, Texaco paid for its own dealings with hostile regimes such as Nazi Germany and Imperial Japan. And there are similarities with Schlumbergers business in Sudan, Iran and Venezuela, Rewcastle says. Schlumberger is the only major E&P company left in Iran and Sudan, he says. But its operations are well-diversified throughout the world. Its business sprawls over regions where drilling demand is surging, Gengaro says." (Investors Business Daily, "Schlumberger Makes Itself The Go-To Oil Services Firm," 8/1/07)

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Listed by U.S. Government as doing business in Iran. (U.S. Securities and Exchange Commission, List of Companies Doing Business With State Sponsors Of Terror, Removed from the internet in July of 2007)

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