Schlumberger Reports Record Oilfield Services Revenue and Profitability for 2001.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 22, 2002 Schlumberger Limited (NYSE NYSE See: New York Stock Exchange :SLB SLB Solomon Islands (ISO Country code) SLB Schlumberger Ltd. (oil field services firm) SLB Server Load Balancing SLB Sport Lisboa e Benfica (soccer) ) reported today 2001 operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $13.7 billion, an increase of 43% over 2000 including the second quarter acquisition of Sema plc. Income of $819 million, excluding exceptional items, was 11% higher than last year with diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $1.41 representing an 11% improvement on 2000 results. Diluted earnings per share, excluding acquisition related costs and exceptional items, were $1.98 compared with $1.44 in 2000. FOURTH QUARTER 2001 RESULTS Fourth quarter operating revenue of $3.6 billion was 33% above fourth quarter 2000. Excluding exceptional items of $5 million, net income was $179 million. Diluted earnings per share, excluding acquisition-related costs and exceptional items, were $0.49 compared with $0.46 for the same period last year and $0.51 for the third quarter 2001. Oilfield Services revenue increased 21% versus the fourth quarter of 2000. In contrast to the worldwide M-I rig count, which decreased 8% over the same period, revenue excluding WesternGeco, increased 14%, and was down 2% compared to the third quarter of 2001. This compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the sequential quarterly average rig count drop of 13%. SchlumbergerSema posted sequential revenue improvement of 10% to $953 million for the quarter with pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. growing 12% to $21 million. During the quarter, Schlumberger completed the replacement of its main bank facilities, including the Sema bridge facility. The program consisted of issuing bonds in Europe for a total of $1.9 billion, with maturities ranging from 7 to 31 years as well as securing long-term commercial paper backstop facilities totaling $4.6 billion in the USA and Europe. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Euan Baird commented: "2001 proved to be a milestone year for Schlumberger with Oilfield Services revenue and net income achieving all-time record levels. Schlumberger Network Solutions grew by 91% due mostly to E&P sector contracts, a clear sign that the industry is recognizing the importance of IT global connectivity and information security solutions to enhance business processes and decision-making capabilities. Today, Schlumberger is the only company able to provide a complete range of technology services from the reservoir to the desktop or mobile device anywhere in the world. "The integration of Sema into Schlumberger progressed well largely due to the cultural similarities of the two companies. As a result, we expect to surpass the cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. that we set out to achieve and foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. the continued improvement in SchlumbergerSema profitability during the coming year. "The focus provided by the Sema acquisition allowed us to accelerate our divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). program. The $900 million of cash generated by the sale of businesses put us on track to attain our objective of reducing our debt/capitalization ratio to 30% by 2003. "Our business in 2002 depends heavily on the timing and strength of the economic recovery in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . We are still expecting the recovery to happen mid-year but the current world political situation is sufficiently unstable to make any predictions risky."
Consolidated Statement of Income
(Stated in thousands except per share amounts)
Fourth Quarter (Unaudited) Twelve Months
For Periods
Ended December 31 2001 2000(4) 2001(4) 2000(4)
--------------------------------------------- ------------------------
Revenue
Operating $ 3,577,369 $ 2,688,482 $ 13,745,806 $ 9,611,462
Interest and
other income(2) 52,079 173,921 242,258 423,255
--------------------------------------------- ------------------------
3,629,448 2,862,403 13,988,064 10,034,717
--------------------------------------------- ------------------------
Expenses
Cost of goods
sold and
services 2,671,798 2,133,306 10,641,768 7,514,621
Research &
engineering 177,165 144,638 704,336 540,698
Marketing 98,623 86,220 447,265 316,816
General 179,297 111,365 683,613 425,820
Interest 97,619 75,149 384,896 276,081
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3,224,502 2,550,678 12,861,878 9,074,036
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Income before
taxes and minority
interest 404,946 311,725 1,126,186 960,681
Taxes on income 219,036 82,660 575,424 228,248
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Income before
minority interest 185,910 229,065 550,762 732,433
Minority
interest (944) 8,852 (28,545) 2,163
---------------------------------------------- -----------------------
Net Income (1) $ 184,966 $ 237,917 $ 522,217 $ 734,596
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Basic Earnings Per
Share $ 0.32 $ 0.42 $ 0.91 $ 1.29
Diluted Earnings
Per Share $ 0.32 $ 0.41 $ 0.91 $ 1.27
Average shares
outstanding 575,783 572,583 574,328 570,028
Average shares
outstanding
assuming dilution 579,934 582,319 580,214 580,076
Depreciation and
amortization
included in
expenses(3) $ 527,811 $ 351,601 $ 1,896,119 $ 1,270,754
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1) A reconciliation of Net income to Net income, excluding
exceptional items is as follows:
($ millions)
2001 2000
---- ----
Net income, as reported $ 522 $ 735
Exceptional items:
First quarter (a) 25 -
Second quarter (b) 280 -
Third quarter (c) (3) -
Fourth quarter (d) (5) 3
Net income, excluding ____ ____
exceptional items $ 819 $ 738
===== =====
(a) Research & engineering includes a charge of $25 million ($0.04 per share-diluted) for in-process R&D related to the Bull CP8 acquisition. (b) Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold and services includes, a charge of $280 million ($0.48 per share-diluted) for the estimated impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge from the disposition of certain Resource Management Services businesses. (c) Cost of goods sold and services includes a pretax credit of $42.2 million representing the gain on the sale of Production Operators, Inc. partially offset by an impairment charge relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the expected disposition of certain activities. Taxes on income, includes a net charge of $39.5 million relating to these items. The third quarter 2001 effective tax rate was 36% excluding the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. items. (d) Includes a net credit of $5.5 million ($0.01 per share-diluted), including an after tax gain on the sale of the former Resource Management Services North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Water division ($117 million). This gain was partially offset by certain charges: (1) an after tax provision of $37 million for employee termination costs, principally in Europe and the USA, related to Oilfield Services and SchlumbergerSema in response to current business conditions; (2) tax reorganization costs of $29 million; (3) a further $20 million charge related to the second quarter estimated loss on the divestiture of certain Resource Management Services businesses following the actual closing in the fourth quarter; (4) asset writedown of $23 million following a recent determination of technological impairment related to certain Land seismic assets in the newly formed joint venture. Cost of goods sold & services includes a net pretax credit of $119 million, Taxes on income includes a net charge of $124 million and Minority interest includes a credit of $10 million. The fourth quarter consolidated effective tax rate excluding all these items was 33%. 2) Includes interest income of: - Fourth quarter 2001 - $30 million (2000 - $77 million). - Twelve months 2001 - $159 million (2000 - $302 million). 3) Including multiclient seismic data costs. 4) Reclassified, in part, for comparative purposes.
Condensed Balance Sheet
(Stated in thousands)
Assets Dec. 31, 2001 Dec. 31, 2000(1)
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Current Assets
Cash and short-term
investments $ 1,617,701 $ 3,040,150
Other current assets 6,087,189 4,453,061
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7,704,890 7,493,211
Long-term investments,
held to maturity 576,000 1,547,132
Fixed assets 4,827,879 4,394,514
Multiclient seismic data 1,028,954 975,775
Goodwill and other
intangible assets 7,072,318 1,716,427
Other assets 1,116,326 1,045,672
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$ 22,326,367 $ 17,172,731
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Liabilities and
Stockholders' Equity
Current Liabilities
Accounts payable and
accrued liabilities $ 4,506,634 $ 2,910,725
Estimated liability for
taxes on income 587,328 379,916
Bank loans and current
portion of long-term
debt 1,015,181 592,221
Dividend payable 108,642 108,043
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6,217,785 3,990,905
Long-term debt 6,215,709 3,573,047
Postretirement benefits 504,797 476,380
Minority interest 636,899 605,313
Other liabilities 372,696 231,870
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13,947,886 8,877,515
Stockholders' Equity 8,378,481 8,295,216
--------------------------------------------------------------------
$ 22,326,367 $ 17,172,731
--------------------------------------------------------------------
1) Reclassified, in part, for comparative purposes.
Business Review
(Stated in millions)
Oilfield Services SchlumbergerSema Other(1)
-------------------- ------------------- ------------------
Fourth
Quarter 2001 2000 % chg 2001 2000 %chg 2001 2000 % chg
---------- -------------------- ------------------- ------------------
Operating
Revenue $ 2,491 $ 2,052 21% $ 953 $ 301 216% $152 $ 347 (56)%
Pretax
Operating
Income(2) $ 469 $ 351 34% $ 21 $ 2 - % $ 3 $ 16 (79)%
---------- -------------------- ------------------- -----------------
Twelve
Months
---------- -------------------- ------------------- -----------------
Operating
Revenue $9,773 $ 7,146 37% $3,045 $ 1,049 190% $997 $1,475 (32)%
Pretax
Operating
Income(2) $ 1,859 $ 1,062 75% $ 28 $ 12 130% $ 28 $ 61 (53)%
---------- -------------------- ------------------- -----------------
1) Includes Semiconductor Solutions and the divested Resource Management Services businesses. 2) Pretax operating income represents income before taxes and minority interest, excluding interest expense, interest income and amortization of goodwill and identifiable intangibles ($112 million and $347 million in the fourth quarter 2001 and twelve months 2001, respectively). All prior periods have been restated for comparative purposes. Oilfield Services Operating revenue of $2.5 billion in the fourth quarter increased 21% year-on-year and was flat sequentially in contrast to a decline in the M-I rig count of 8% year-on-year and 13% sequentially. The double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" year-on-year increase was led by higher non-rig related activities with 44% of the total revenue growth attributable to the WesternGeco Joint Venture. In addition, increased pricing and market share gains contributed to double-digit growth across all Areas led by the Middle East and Asia. The sequentially flat revenue, despite a sharp decline in rig count, was also due to increased non-rig related activities as Schlumberger continues to focus on providing the E&P industry with a complete range of production services. This, combined with strong international activity, particularly in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , partially offset the continued softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of activity in North America. Pretax operating income of $469 million in the fourth quarter increased 34% year-on-year but decreased 7% sequentially due to reduced activity in North America and lower marine seismic activity. North America Revenue of $847 million increased 17% compared with the same quarter last year but decreased 10% sequentially. The M-I rig count decreased 15% year-on-year and 21% sequentially. Pretax operating income of $177 million was 23% higher than the fourth quarter last year and down 30% compared to last quarter. Double-digit year-on-year revenue growth and sequential revenue variation outpaced the M-I rig count across all GeoMarkets due to continued high non-rig related activity. In particular, the Alaska GeoMarket saw strong growth as a result of higher land seismic activity and an increased interest in coiled tubing Coiled tubing refers to metal piping, normally 1" to 2" in diameter, used for interventions in oil and gas wells, which comes spooled on a large drum. The main benefits over wireline are the ability to pump chemicals through the coil and the ability to push it into hole rather than drilling (CTD CTD 1 Connective tissue disease, see there 2 Cumulative trauma disorder, see there ) services. For this service line Schlumberger introduced the Turbine Orienter, the industry's only intelligent downhole orienter with the capability to direct the bottom hole assembly while drilling. Unlike conventional CTD orienters, a series of commands can be sent to the tool, which features a feedback control loop. Once programmed to drill in a certain direction, it will make the necessary adjustments to stay on the predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: trajectory Trajectory The curve described by a body moving through space, as of a meteor through the atmosphere, a planet around the Sun, a projectile fired from a gun, or a rocket in flight. . This unique technology allows customers to dramatically reduce their well placement costs. Pretax operating income decreased sequentially partly due to a combination of lower revenues and pricing pressures particularly in the Canada, Gulf Coast and US Land GeoMarkets. Latin America Revenue of $401 million increased 17% year-on-year and 12% sequentially exceeding the M-I rig count, which decreased 5% year-on-year and was flat sequentially. Pretax operating income of $71 million increased 134% compared to last year and 55% sequentially. Year-on-year revenue growth was due to increased activity and sustained pricing across all technology segments. Growth was led by the Mexico/Central America and Peru/Colombia/Ecuador GeoMarkets partly due to increased demand for wireline services in step with the start-up of new projects in South Mexico, and improved drilling activity in Ecuador. Strong land seismic activity in Bolivia contributed to sequential revenue growth coupled with increased well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of activity in the Mexico/Central America GeoMarket. Using innovative LiteCRETE* technology, Schlumberger performed the world's first ever ultra-low density, nitrogen-free cement job offshore Mexico. The technique, designed as a GeoMarket* solution with the Schlumberger Riboud Product Center, was deployed on the giant Cantarell oilfield achieving critical pay zone isolation that was not previously possible with conventional cementing systems. This new method allows operators the opportunity to assess bypassed reserves as potential candidates to increase field production. Europe/CIS/West Africa Revenue of $574 million increased 25% compared with the same quarter last year and 4% sequentially exceeding the M-I rig count, which excluding the CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S , increased 7% year-on-year and 1% sequentially. Pretax operating income of $100 million increased 28% compared to the same quarter last year and 4% compared to last quarter in line with revenue growth. Year-on-year revenue growth was broad-based led by the North Africa, Nigeria and UK GeoMarkets. In line with the growing need for leading information management services in E&P, Schlumberger Information Solutions Schlumberger Information Solutions (SIS) functions as an operating unit of the global oil services giant Schlumberger Limited. SIS products consist of software developed by Schlumberger itself, as well as products acquired from GeoQuest (GeoFrame), Iron Mountain (eSearch), Merak was awarded two significant data management contracts in Algeria. The combined work scope involves the consolidation of production data and reporting from nine locations in Algeria, and the provision of real-time production data management incorporating integration expertise from Schlumberger Network Solutions. Sequentially, the Nigeria, West and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. GeoMarket experienced the highest growth followed by Russia and North Africa. During the quarter, Schlumberger ran its first subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". multi-valve intelligent completion installation in Nigeria. Consisting of two multi-position down-hole flow control valves A flow control valve regulates the flow or pressure of a fluid. Control valves normally respond to signals generated by independent devices such as flow meters or temperature gauges. Control valves are normally fitted with actuators and positioners. and three permanent gauges, this was the first commercial intelligent completion that Schlumberger has installed outside the North Sea. Two more installations are scheduled in Nigeria for the first quarter as a result of the outstanding reliability record of 21 installations incorporating 34 valves, corresponding to 40 cumulative operating years. Middle East and Asia Revenue of $581 million increased 33% year-on-year and 6% sequentially outpacing the M-I rig count, which increased 7% compared with last year and 3% sequentially. Pretax operating income of $132 million increased 69% compared to the fourth quarter last year and 2% sequentially. Increased well services activity in the Malaysia/Brunei/Philippines and Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. GeoMarkets drove both year-on-year and sequential
revenue growth. This was largely due to the continued successful uptake uptake /up·take/ (up´tak) absorption and incorporation of a substance by living tissue. up·take n. of the PowerSTIM* well production optimization solution. In addition, the Indonesia GeoMarket contributed significantly to year-on-year growth as a result of market share gains due to the introduction of new wireline technology combined with strong Reda submersible pump A submersible pump is a pump which has a hermetically sealed motor close-coupled to the pump body. The whole assembly is submerged in the fluid to be pumped. The advantage of this type of pump is that it can provide a significant lifting force as it does not rely on external air sales. This was highlighted by the award of a major 7-year contract during the quarter to provide Reda submersible pumping systems for 1,200 wells in Indonesia. Premium pricing Premium pricing is the practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price. on new wireline technologies contributed to the high year-on-year increase in pretax operating income. Highlights: -- Increased Schlumberger Network Solutions (SNS SNS sympathetic nervous system. ) revenue of 81% compared to the fourth quarter 2000 and 21% sequentially with the DeXa Suite of Services continuing to penetrate the oil and gas industry positioning Schlumberger as the leading provider of connectivity and security solutions. This was highlighted by a series of awards, during the quarter, for security infrastructure solutions for oil and gas customers. Schlumberger also received the prestigious "Best IT Security Application" SESAMES Award at Cartes'01, the world's largest smart card trade show, for its deployment of the Dexa.Badge BADGE. A mark or sign worn by some persons, or placed upon certain things for the purpose of designation. Some public officers, as watchmen, policemen, and the like, are required to wear badges that they may be readily known. security solution for Royal Dutch Shell Royal Dutch Shell plc is a multinational oil company of British and Dutch origins. It is one of the largest private sector energy corporations in the world, and one of the six "supermajors" (vertically integrated private sector oil exploration, natural gas, and petroleum product providing 100,000 users with a complete smart card network for logical and physical access across the corporation. -- Opened a new generation iCenter in Houston Schlumberger to support real-time reservoir management services. The secure networked collaborative facility enables experts to maximize the use of real-time initiatives to enhance decision-making and planning. During the quarter more than 20 fracturing jobs in the Gulf of Mexico were monitored and optimized remotely from Houston, as part of the PowerSTIM* well production optimization solution. -- Achieved a sixfold production increase using breakthrough Discovery MLT* Selective Reentry technology Level 1 North American multilateral well. The system was deployed for stimulation and both upper and lower laterals were reentered on the first attempt. An acid-resistant bottom-hole assembly was selected to optimize the treatment. The well production prior to treatment was 5 million standard cubic feet of gas per day. Post-treatment production stabilized at 29 million standard cubic feet per day. -- Secured a ten-year production optimization contract to redevelop the Kyurovdag field in Azerbaijan for Shivran Oil based on field production performance. Schlumberger integrated project management and data and consulting services expertise will be leveraged to pull in the complete range of Schlumberger oilfield services on the largest production optimization project in the world covering 1,100 wells. In addition, Schlumberger will perform workover services on 12 rigs across all of Sibneft's fields in Russia. -- Won a major marine seismic contract from BP through the Caspian Geophysical joint venture between WesternGeco and the State Oil Company of Azerbaijan Republic to provide 3D and 4C marine acquisition and processing services for future seismic processes within any Production Sharing Agreement areas operated by BP. Caspian Geophysical will be the first contractor to mobilize ocean-bottom cable equipment designed for large-scale 4C seismic surveys within the Caspian region. SchlumbergerSema SchlumbergerSema operating revenue for the quarter was $953 million. Pretax operating income of $21 million increased sequentially as a result of improved profitability in the global services and telecommunications markets and ongoing cost synergy programs. Telecom revenue increased 10% sequentially due to growth in Europe and Latin America for consulting and systems integration services provided to the large existing customer base as focus shifts to the enhancement and improvement of legacy systems. Cards revenue of $173 million was up 18% compared to the prior quarter and flat year-on-year. Demand in Europe for banking smart card solutions, and major banking contracts for consulting and systems integration for the deployment of Europay Mastercard Visa (EMV EMV Elektromagnetische Verträglichkeit (German: Electromagnetic Compatibility) EMV EuroPay, MasterCard, Visa (Smart debit cards) EMV Europay, Mastercard and Visa EMV Eftermiddagsverksamhet ) standard smart card transaction systems in Brazil and UK, contributed to revenue growth in the finance market. Revenue gains were partially offset by strong SIM price competition in Asia. Revenue from the utility market segment was up with strong growth in Europe and modest growth in North America from Real Time Energy Management (RTEM RTEM Ready to Eat Meal RTEM Radar Tracking Error Measurement RTEM Real-Time Earthquake Monitor(ing) ) systems, increased product sales and service revenues associated with the further deployment of its wireless fixed network for more than six million connected customers. Economic conditions and ongoing uncertainty related to deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. in the US market continued to impact the utilities-related systems integration business. Global Services revenue grew by 14% sequentially, due to strong growth in business continuity and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services in Asia and the UK. Demand for business continuity services in all GeoMarkets increased significantly in the wake of the tragic events of September 11. Business Recovery Services assisted a number of customers around the world at its recovery sites in New Jersey and London. eTransactions revenue growth was up 31% year-on-year and 10% sequentially. Driven by the introduction of the euro The introduction of the euro took place principally between 31 December 1998, when the exchange rates between the euro and legacy currencies in the Eurozone became fixed, and early 2002, when euro notes and coins were introduced and the legacy currencies withdrawn. , off-street parking and financial system revenues reached a record high level. SchlumbergerSema completed the second successful technical rehearsals in Salt Lake City for the complex systems and integrated technologies that will be used during the 2002 Olympic Winter Games
Highlights -- Selected by Verizon to provide enhanced messaging services Abbreviated as EMS, an application-level extension to Short Message Service (SMS) for cellular phones available on GSM, TDMA and CDMA networks. An EMS enabled mobile phone can send and receive messages that have special text formatting (such as bold or italic), animations, to their residential and small business subscribers in the US, utilizing SchlumbergerSema ORYX oryx (ôr`ĭks), name for several small, horselike antelopes, genus Oryx, found in deserts and arid scrublands of Africa and Arabia. They feed on grasses and scrub and can go without water for long periods. * enhanced services Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; . The ORYX system enables wireless, fixed line and IP carriers to seamlessly migrate their subscribers from basic messaging to premium services including single mailbox A simulated mailbox in the computer that holds e-mail messages. Mailboxes are stored on disk as a file of messages, a database of messages or as an individual file for each message. The standard mailboxes are usually In, Out, Trash and Junk (Spam). for voice, fax and email. Subscribers will be able to manage their calls with one number service and retrieve messages from any communications device, wireless or fixed line phone, fax, pager, personal digital assistant or laptop computer A portable computer that has a flat LCD screen and usually weighs less than eight pounds. Often called just a "laptop," it uses batteries for mobile use and AC power for charging the batteries and desktop use. Today's high-end laptops provide all the capabilities of most desktop computers. . -- Began trials of the Avantix* Mobile system with National Express Group, one of the leading UK train operating companies. The Avantix Mobile AVANTIX Mobile ("AVB") is a portable railway ticket issuing system used across the British railway network. It was developed at the beginning of the 21st century by Sema Group plc, an IT services company which was acquired by Schlumberger Ltd in 2001 and became system is a comprehensive timetable, fares and ticketing solution that will replace costly legacy paper systems utilized throughout the UK rail industry. -- Awarded by Airtel-Vodafone, Spain's second-largest mobile telephone operator, a contract to provide an intelligent network solution, a real-time database that supports multiple services, to manage their new discounted call plan to offer its nearly 245,000 customers in Spain higher service quality and customer satisfaction. -- Secured a large contract in the transport market to supply contactless cards for a card-based ticketing and revenue collection system for the London Underground The London Underground is an underground railway system - also known as a rapid transit system - that serves a large part of Greater London, United Kingdom and some neighbouring areas. It is the world's oldest underground system, and is one of the longest in terms of route length. and bus system. -- Won the first contract with Dublin-based eirtricity, Ireland's leading supplier of renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. , to provide a second-generation billing system to support the company's expansion plans under the country's deregulation process. -- Awarded two "Best Smart Card Application of the Year" SESAMES awards at the smart card industry's annual Cartes CARTES Computer Arts Centre at Espoo exhibition in Paris, France. The winning solutions included an Internet security system for the Lloyds TSB Lloyds TSB Group plc (LSE: LLOY) is a banking and insurance group in the United Kingdom. It was formed in 1995 by the merger of Lloyds Bank and the Trustee Savings Bank (TSB). The Group's head office is at 25 Gresham Street, London. bank, provide PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of (Public Key Infrastructure) security to networks and network transactions. -- Awarded a two-year contract extension with Scotland's NHS NHS abbr. National Health Service NHS (in Britain) National Health Service (National Health Service) to provide managed IT services for the Community Health Index (CHI), community preventive care Preventive care is a set of measures taken in advance of symptoms to prevent illness or injury. This type of care is best exemplified by routine physical examinations and immunizations. The emphasis is on preventing illnesses before they occur. See also
services and associated systems, payroll, Computerized Patient Information System (COMPAS COMPAS Centre on Migration Policy and Society (Oxford University) COMPAS Center for Observations, Modeling and Prediction At Scripps COMPAS Congress on Modern Pan-African Slavery ). -- Secured a major outsourcing contract for Region Skane, the government organization responsible for public transport, culture and health in southern Sweden, to provide the IT operations responsibility of four major hospitals. -- Received the highest-level certification for our Cyberflex Access* 32K smart card, the first certification of its kind, by the National Institute of Science and Technology The National Institute of Science and Technology (abbrv NIST) is an engineering college in Pallur Hills Orissa, 12 km from the city of Berhampur. It was started in 1996 by a few NRIs, some of whom belonged to Orissa. (NIST (National Institute of Standards & Technology, Washington, DC, www.nist.gov) The standards-defining agency of the U.S. government, formerly the National Bureau of Standards. It is one of three agencies that fall under the Technology Administration (www.technology. ) and the only card that meets stringent US Department of Defense (DoD) Common Access Card (CAC See Consumer Advisory Council. ) specifications for Java-based smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. with cryptographic cryp·tog·ra·phy n. 1. The process or skill of communicating in or deciphering secret writings or ciphers. 2. Secret writing. cryp applications. Other Revenue decreased due to the previously announced divestitures of certain Resource Management Services businesses. However, despite the challenging environment in the semiconductor industry, fourth quarter Semiconductor Solutions revenues showed significant sequential improvement. This was largely due to an improvement in shipments of the recently launched DeFT* structural test system and a new high end functional test system that was introduced during the quarter. Change in Liquidity Liquidity represents cash plus short-term and long-term investments less debt. A summary of the major components of the fourth quarter change in liquidity follows:
(Stated in millions)
Fourth Quarter 2001
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Net income $ 185
Depreciation and amortization(1) 528
Proceeds from business divestitures(2) 622
Capital expenditures(1) (655)
Businesses acquired (67)
Dividends paid (108)
Change in working capital 149
Other 14
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Change in liquidity 668
Liquidity, beginning of period (5,705)
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Liquidity, end of period $ (5,037)
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1) Including multiclient seismic data costs.
2) In addition, the third quarter of 2001 included proceeds of $274
million from the divestiture of Production Operators Corporation
*Mark of Schlumberger This press release is at http://www.slb.com. |
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