To take Q4 charge amounting to $800M on retirement of older vessels - filing
Due to expectations of lower exploration spending, Schlumberger Limited (Schlumberger) is restructuring its WesternGeco marine seismic fleet to lower its operating costs. By retiring older vessels with lower towing capacity and higher operating costs, by converting the remaining lower-end vessels to source boats and by cancelling most of its third-party charters, Schlumberger will reduce its fleet size to 9 survey and 6 source vessels by the end of 2014, from a total of 15 survey and 8 source boats at the end of 2013.