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Schlumberger appoints former North Sea boss as new chief executive

Oilfield services giant Schlumberger has appointed a former North Sea boss as its new chief executive.

Olivier Le Peuch will take on the top job on August 1, replacing Paal Kibsgaard who is retiring after more than 22 years at Schlumberger and eight years as CEO.

Mr Le Peuch is the current chief operating officer at the firm, having been with Schlumberger for 32 years.

In that time he had a spell between 2008 and 2010 as vice president for North Sea operations, overseeing work in the UK, Ireland, Norway, Denmark, the Netherlands and offshore north-west Africa.

He has also held a range of other senior positions within the company.

Current CEO, Mr Kibsgaard, said: “Olivier possesses the Company’s values, an in-depth knowledge of our business, and a proven industry track record—all together, he is ideally suited to lead Schlumberger into the next chapter of our history.”

Mr Kibsgaard is also being replaced as chairman by Mark Papa who will come in as non-executive chairman of the board.

Commenting on his new post, Mr Le Peuch said: “I am truly honored at being chosen to lead Schlumberger and its world-class workforce at a very exciting time in our Company’s history.

“I would like to thank Paal for his leadership and contributions to the Company, along with his guidance during the succession process.”

Earlier Schlumberger posted its second quarter results with pre-tax income of £773.3m, down 12% on the same period last year at £870.7m.

Revenues were £6.5bn, down from £6.6bn in the same period in 2018.

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