HOUSTON (Reuters) – Oilfield services provider SLB said on Friday that its current business in Russia still aligns with new U.S. sanctions against Russia, but that revenue in the country was declining.
The world’s largest oilfield services company is one of the few Western companies remaining in Russia after its 2022 invasion of Ukraine.
The company is reviewing the new sanctions and believes the voluntary measures it has taken to adjust its business are aligned with the new restrictions, Chief Executive Officer Olivier Le Peuch said on an earnings conference call on Friday.
Revenue from SLB’s operations in Russia has been declining and represented only 4% of its total revenue, down from 5% a year earlier, it said.
This month, the US Treasury amended an executive order to cut off Russia’s access to US services related to the extraction and production of crude oil and other petroleum products, effective February 27.
(Reporting by Arathy Somasekhar in Houston; Editing by Chizu Nomiyama)