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April 20, 2020

Coronavirus company news summary – Indian lockdown destroys demand – Schlumberger revenues down – Maersk Drilling loses two contracts

By Matthew Farmer

April 20

Oilfield services firm Schlumberger has booked $8.5bn in goodwill impairment charges as the Covid-19 pandemic upsets its first quarter results. The company reported a worldwide revenue of $7.5bn, a 5% year-on-year decrease. However, it’s international revenue increased by 2% year-on-year, despite market volatility.

Fuel retail outlets in India have witnessed a fall in demand of around 50% since the start of April compared to a year ago, industry sources told Reuters. The report follows a nationwide lockdown to contain the spread of Covid-19. Gas oil sales by the state-owned retailers fell by 61% in the first half of April on a year-on-year basis.

Canada is set to extend $1.8bn (C$2.5bn) support to the oil and gas industry. The measures will help companies in the sector to maintain jobs and avoid bankruptcy. Business Development Bank of Canada has said it will provide credit support to energy companies.

Maersk Drilling has received early termination notices of two drilling contracts. Shell-subsidiary BG International terminated the contract for the semi-submersible Mærsk Developer, nearly four months ahead of its scheduled ending. Aker BP has terminated the contract for the jack-up rig Maersk Reacher from the end of this month. The contract was expected to end in October 2020.

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