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Schlumberger swoops for seismic study subsidiary
AFP
PARIS
Petroleumworld.com 04 22 06US-French oil services group Schlumberger said on Friday that it would buy the 30 percent of seismic study group WesternGeco it does not already own for 2.4 billion dollars (1.95 billion euros).
"Our decision to purchase the minority interest of WesternGeco reflects our confidence in the seismic market," Schlumberger chairman and chief executive Andrew Gould said.
The stake is to be bought in cash from US-based oil services group Baker Hughes.
WesternGeco, which has expanded rapidly, reported sales of 530 million dollars in the first quarter of the year, an increase of 40 percent compared with the same period of 2005.
In 2005, sales totalled 1.66 billion dollars, an increase of 34 percent.
Also on Friday, Schlumberger reported sales of 4.239 billion dollars for the first quarter, an increase of 34 percent compared with the same period last year.
"Activity increases and strong pricing momentum, particularly in North America, drove first-quarter results despite the severe curtailment of activity in Russia early in the year," commented Gould.
AFP 04 21 06 1248 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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