Schlumberger Ditches LSE Listing
Schlumberger Limited has revealed that its board has approved the cancellation of the listing of the company’s common stock on the standard segment of the official list of the London Stock Exchange (LSE) and the cancellation of admission to trading of such shares on the main market of the LSE.
The company said it intends to apply to the UK Financial Conduct Authority and the LSE to request the cancellation. It is anticipated that the cancellation will take effect on, or around, March 27.
“Only a small amount of trading in the shares is conducted on the LSE,” Schlumberger said in a company statement posted on its website.
“Taking into account these low trading volumes and the ongoing regulatory compliance and administrative costs the company incurs annually as a result of its London listing, the board determined that there is no significant benefit to the company in maintaining the listing,” the company added.
Schlumberger said it does not believe that the cancellation will adversely affect its shareholders. The company’s common shares will continue to be listed on the New York Stock Exchange as well as Paris Euronext and will continue to be tradeable on various other venues, Schlumberger outlined.
Schlumberger describes itself as the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company employs approximately 105,000 people who represent over 170 nationalities and has executive offices in Paris, Houston, London and The Hague, according to its website.
Back in January, the company reported full-year worldwide revenue of $32.9 billion, which was said to be flat year on year, and international revenue growth of seven percent. Schlumberger is holding a conference call on April 17 to discuss the results for the first quarter of 2020.
To contact the author, email andreas.exarheas@rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea