20 Mar 2022 19:44

All of 4 foreign oilfield services majors decide to halt new investments in Russia

MOSCOW. March 20 (Interfax) - Weatherford International has become the last of the four global oilfield services majors to make a statement regarding its operations in Russia, where the company decided to suspend making any new investments and deploying new technology, the company's website said.

"Since the crisis began, we have continued to evaluate our operations and have taken a number of actions in response. Following the implementation of sanctions on February 24, 2022, we placed a hold on shipments and immediately suspended making any new investments or deploying new technology in Russia. We have no active joint ventures or partnerships in Russia," Weatherford President and CEO Girish Saligram is quoted as saying in the company's statement.

Weatherford has no active joint ventures or partnerships in Russia, he said.

"We will remain in compliance with the evolving sanctions landscape and will continue to fulfill existing contractual obligations within applicable international laws and sanctions. [...] We are deeply concerned about the crisis and urge a speedy diplomatic and peaceful resolution," Saligram said.

Thus, all four foreign oilfields servicing giants said that they have halted any new investments in Russia over the past few days.

The U.S.-based Halliburton was the first to make a statement about the immediate halt on its operations in Russia. "The Company complies with sanctions that prohibit transactions and work, including for certain state-owned Russian customers. Halliburton will prioritize safety and reliability as we wind down our remaining operations in Russia," the company's website said in a statement.

Schlumberger International was the next to report on halting its operations in Russia. "We have watched with immense concern as the conflict in Ukraine has escalated," Schlumberger Chief Executive Officer Olivier Le Peuch said. "First and foremost, we are deeply focused on the health, safety and security of our employees, colleagues and their families in Ukraine, Russia and throughout the region," he said.

Baker Hughes also announced it has suspended any new investments for its operations in Russia. The company is continuing to comply with applicable laws and sanctions as it fulfills current contractual obligations, the company's website said.