Update 1-SLB warns of trade risks from Western sanctions as Russian revenues rise

(Adds details from security filing, background)

By Liz Hampton

Jan 25 (Reuters) – Top oilfield services firm SLB on Wednesday warned of business risks related to further sanctions on Russia, despite growing revenue there, according to a regulatory filing.

SLB has boosted its business in Russia over the past year, fleeing Western sanctions over rising oil prices and its rival Russia’s invasion of Ukraine. Russia represented 6 percent of SLB’s full-year 2022 revenue, or $1.69 billion, the company said in an annual filing.

In the quarters before Moscow invaded Ukraine, Russia accounted for 5% of the company’s total revenue, according to an earlier company statement. After the war, he began to reveal more details about Russia’s income and property.

The Curacao-based company, which halted new investments and technology deployments in Russia last March, said it continues to “vigilantly monitor the dynamic situation in Ukraine and the laws, sanctions and trade control restrictions imposed as a result of the conflict.”

He continued to work for Russian energy companies including Lukoil, Rosneft, and Gazprom when rivals Halliburton and Baker Hughes pulled out or sold their operations.

According to SLB, its net assets in Russia totaled about $700 million at the end of 2022, down from $900 million at the end of the third quarter. He closed the year with a receipt of 300 million dollars, a decrease of 400 million dollars. Third quarter.

The oilfield company said it has about $1 billion in unpaid bills related to Mexico. He said undisclosed invoices from major customers in Mexico were not in dispute. He said he has not historically received any material write-downs due to uncollectible accounts from this company.

SBB did not immediately respond to an email seeking more details on the application. (Reporting by Liz Hampton in Denver; Editing by Anna Driver)

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