Schlumberger Limited has revealed that its board has approved the cancellation of the listing of the company’s common stock on the standard segment of the official list of the London Stock Exchange (LSE) and the cancellation of admission to trading of such shares on the main market of the LSE.
The company said it intends to apply to the UK Financial Conduct Authority and the LSE to request the cancellation. It is anticipated that the cancellation will take effect on, or around, March 27.
“Only a small amount of trading in the shares is conducted on the LSE,” Schlumberger said in a company statement posted on its website.
“Taking into account these low trading volumes and the ongoing regulatory compliance and administrative costs the company incurs annually as a result of its London listing, the board determined that there is no significant benefit to the company in maintaining the listing,” the company added.
Schlumberger said it does not believe that the cancellation will adversely affect its shareholders. The company’s common shares will continue to be listed on the New York Stock Exchange as well as Paris Euronext and will continue to be tradeable on various other venues, Schlumberger outlined.
Schlumberger describes itself as the world’s leading provider of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company employs approximately 105,000 people who represent over 170 nationalities and has executive offices in Paris, Houston, London and The Hague, according to its website.
Back in January, the company reported full-year worldwide revenue of $32.9 billion, which was said to be flat year on year, and international revenue growth of seven percent. Schlumberger is holding a conference call on April 17 to discuss the results for the first quarter of 2020.
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