|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||12.95 - 12.95|
|52 Week Range||9.05 - 15.28|
|Beta (3Y Monthly)||1.76|
|PE Ratio (TTM)||24.12|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Subsea 7 and Schlumberger's OneSubsea will deliver a new subsea flowline to an existing natural gas pipeline. PHOTO SOURCE: Subsea Integration Alliance
Equatorial Guinea has ordered energy companies to stop doing business with oil and gas service firm Subsea 7 because the firm failed to comply with laws aimed at creating more local jobs, the oil minister said on Thursday. An oil ministry source warned in September that Schlumberger , Subsea 7 and FMC faced bans from working in Equatorial Guinea if they did not commit to local content laws.
Equatorial Guinea has ordered energy operators to stop doing business with oil and gas service firm Subsea 7 for failing to comply with local laws aimed at creating more jobs for locals, the oil minister said on Thursday. In September, an oil ministry source warned that Schlumberger, Subsea 7 and FMC faced bans from working in Equatorial Guinea if they did not commit to local content laws. The move was part of a crackdown by the African country to enforce local content laws that have been in place since 2014.
Equatorial Guinea may exclude oil-service companies TechnipFMC Plc, Subsea 7 SA and Schlumberger Ltd. from the country because they aren’t complying with local-content rules over training and jobs, said a government official. “With regards to local content requirements in Equatorial Guinea, Schlumberger is working with the Ministry of Mines and Hydrocarbons and we have submitted our plans to ensure full compliance in due time,” Schlumberger said in an emailed statement.
Shell (RDS.A) awards Subsea 7 with an engineering, procurement. construction and installation contract for the Penguins redevelopment project, in the North Sea.