Schlumberger (NYSE: SLB) is known as of Monday under its new name-SLB-to reflect its transformation from an oilfield services provider to a global technology company helping the energy transition, the world's largest oilfield services provider said in a statement today.
By rebranding to SLB, the company is dropping the family name of its founders, brothers Conrad and Marcel Schlumberger, who founded the firm in France in the 1920s.
"Beginning today, the legacy Schlumberger brand and nearly all of its affiliated brands will become one under the new SLB brand, which introduces a refreshed visual identity, including a new logo for the company-a symbol of where it is today and where it is heading," the company said.
"Today we face the world's greatest balancing act-providing reliable, accessible and affordable energy to meet growing demand, while rapidly decarbonizing for a sustainable future," SLB chief executive officer Olivier Le Peuch said, commenting on the rebranding.
"Our new identity symbolizes SLB's commitment to moving farther and faster in facilitating the world's energy needs today and forging the road ahead for the energy transition. It's a bold challenge. But the legacy of our people, technology and performance are unmatched, and we are ready to answer this challenge."
Earlier this year, the company announced SLB End-to-end Emissions Solutions (SEES), a business for eliminating methane emissions from oil and gas operations.
At the end of last week, SLB reported third-quarter earnings beating analyst estimates, thanks to accelerating international drilling activity on top of already robust activity in North America.
Looking forward, the company remains upbeat on the drilling activity globally and expects "multiple years of growth," CEO Le Peuch said on Friday.
"While concerns remain over the broader economic climate, the energy industry fundamentals continue to be very constructive," the firm's top executive added.
By Charles Kennedy for Oilprice.com
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