This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI9J006_L.jpg
(Reuters) – Oilfield services provider Schlumberger (NYSE:SLB) is evaluating unspecified options for its thousands of Russian employees as the war in Ukraine escalates, Chief Executive Olivier Le Peuch told Reuters an interview.
Among Western companies that did not exit following the February invasion of Ukraine, Schlumberger is one of the biggest employers in Russia. It has some 10,000 people in the region and has come under pressure for remaining in the country as fighting has escalated and Russia’s casualties led to a military mobilization.
“We clearly continue to condemn the Russia invasion,” he said in an interview on Wednesday, adding its executives “continue to watch and monitor escalation in the region.”
Le Peuch did not say what would cause the world’s largest oilfield service firm to leave the country. But he said: “We continue to evaluate options in light of our employees, shareholders, and other stakeholders.”
Ukrainian Foreign Minister Dmytro Kuleba in a tweet blasted the firm’s Russia presence as contributing to war crimes and genocide. “The only way to save (what) remains of its reputation is to PULL OUT of Russia NOW,” he said.
Schlumberger employees have told Reuters they risk losing their jobs by seeking to escape the military mobilization and face receiving draft notices at their workplaces should they remain, moves they saw as Schlumberger supporting the war.
President Vladimir Putin last month issued a decree seeking to add 300,000 troops to the war effort amid high casualties in Ukraine. The decree prompted tens of thousands of Russians to flee the country.
Le Peuch said Schlumberger “management in the country is pursuing all options to assist employees,” without providing details. The company suspended new investments and technology deployment, but stopped short of withdrawing as some rivals did.
Some companies with Russian operations, including Roche Holding (OTC:RHHBY) and Novo Nordisk (NYSE:NVO), have sought military deferments for employees.
Schlumberger last week said its Russian managers were “relentlessly working with clients and the government to evaluate all exemption opportunities for their employees within the existing legal framework.”
