Schlumberger discloses Iran operations wind-down

Wall Street Journal: Oil field services giant Schlumberger said late Wednesday its non-U.S. subsidiaries 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.

The Wall Street Journal

By Samuel Rubenfeld

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.