April 20, 2018 / 3:17 PM / a year ago

Schlumberger seeks to monetize assets at production management unit

The exterior of a Schlumberger Corporation building is pictured in West Houston January 16, 2015. REUTERS/Richard Carson

(Reuters) - Oilfield services provider Schlumberger NV (SLB.N) said on Friday it was looking to monetize some assets in its production management business and was “fully expecting to engage” with interested parties over the next few quarters.

“We are looking today at monetizing some of our assets during the turn of 2018. But we want to make sure that we do this at the right time,” Patrick Schorn, an EVP at Schlumberger’s new ventures unit, said on a conference call with analysts.

Schlumberger Production Management (SPM), formed in 2011 to develop client assets as the oilfield services major looked to diversify its business, had $1.4 billion in revenue in 2016.

Revenue from Schlumberger’s production group unit, of which SPM is a part of, had $2.96 billion in the latest first quarter.

The unit allows the company to have a say in drilling decisions, oilfield management and even on hiring other Schlumberger units for service contracts.

Reporting by John Benny in Bengaluru; Editing by Shailesh Kuber

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