Service Company of the Year
With more than 80 years of experience, and the longest track record of delivering leading exploration and production technology in the business, Schlumberger has been at the forefront of cutting edge technology ever since the founding brothers invented wireline logging—a method for procuring downhole data. Today, little has changed for the world's leading oilfield services company.
Schlumberger invests more than all other services companies in research and engineering—committing $1bn to the sector last year alone. Combined, the firm boasts a network of 125 technology centres and a global reach of more than 85 countries.
This year, Schlumberger has continued to showcase its strong business credentials and domain expertise. In the third quarter of 2017, the company's revenue was 13% above its year-earlier level reaching over $7.9bn. The company gained market share in both hydraulic fracturing and drilling services in North America, despite a reduced rig count. Its total North American revenue grew 18% over the second quarter of this year.
This year Schlumberger acquired Petrofac's share in Petro-SPM, which operates the Pánuco Integrated Service Contract in Mexico.
It also entered negotiations with Cenovus Energy to buy the Palliser Block in Alberta, Canada for around $1bn. The assets cover approximately 800,000 acres and under the agreement, Canadian E&P company Torxen Energy will be the operator—Schlumberger will be the exclusive oilfield services provider.