Jan 31 Schlumberger Ltd, the world's
largest oilfield services company, said on Thursday it would
wind down operations in Iran this year after booking $208
million in net income there in 2012.
While the company did not go into specifics, the decision
comes as it faces a previously announced U.S. grand jury and
regulatory probe of its activities in Iran, Syria, North Sudan
and Cuba, which are all subject to government sanctions or
Schlumberger said it had not bid on any new Iranian oilfield
work since March 2009, though some non-U.S. affiliates had been
doing work for the National Iranian Oil Co or its affiliates.
Revenue in 2012 from this work totaled $418 million.
"Schlumberger intends to discontinue such activity in Iran
in 2013 and is currently winding down its operations there," the
company said in its annual report, released on Thursday.
Smith International, shortly before being taken over by
Schlumberger, announced in 2010 it was actively pursuing the
termination of all activities in Iran and Sudan because the U.S.
government had imposed economic sanctions or other restrictions.
In the fourth quarter, Schlumberger recorded revenue
relating to the Iran activity of $92 million and net income of
$48 million. The company's overall fourth-quarter net income was
$1.37 billion, on revenue of $11.17 billion.