WesternGeco
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| WesternGeco | |
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| Type | Owned by Schlumberger |
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| Founded | 1933 (in 2000, company took on current name) |
| Headquarters | Primary offices in Gatwick, West Sussex, UK; Houston, Texas, USA; and Kuala Lumpur, Malaysia |
| Key people | Dalton Boutte: President |
| Industry | Oilfield services |
| Products | seismic data acquisition, processing, and related services |
| Revenue | US$1.66 billion (2005) |
| Slogan | None |
| Website | www.westerngeco.com |
WesternGeco is the world's largest seismic contracting company. It is a combination of the former Geco-Prakla and Western Geophysical. The company is owned by international oilfield services corporation Schlumberger Limited.
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[edit] Business
WesternGeco is in the business of acquiring and processing seismic datasets used in exploration for hydrocarbons (that is, petroleum and natural gas). The company conducts both land and marine operations in most parts of the world where hydrocarbons occur. However, for business reasons, the company stopped acquiring data on land in the United States and Canada from November 2002 to June 2006.
The seismic data collected by the company are used by geophysicists at oil companies to evaluate the potential for hydrocarbon production in new areas, to determine new well locations in existing fields, or to monitor the production of hydrocarbons from current wells. The revenues of the company, therefore, are closely tied to worldwide exploration activity, but the company does not itself make drilling decisions or otherwise produce hydrocarbons. Total revenue for WesternGeco in 2005 was US$1.66 billion, versus US$1.24 billion in 2004.[1]
[edit] History
WesternGeco was formed by the merger in 2000 of two of the world's largest seismic contractors, Western Geophysical and Geco-Prakla. Baker Hughes, which then owned Western, struck a deal with Schlumberger, owners of Geco-Prakla, in which Schlumberger paid cash for a 70% stake in a joint venture of the combined companies. Since Schlumberger was the majority owner, WesternGeco operated in many ways like a subsidiary of Schlumberger. The operating results of WesternGeco, however, were found in the financial reports of both Baker Hughes and Schlumberger. Effective May 2006, Schlumberger bought out Baker Hughes' 30% stake for a reported $2.4 billion.
[edit] Management
Dalton Boutte was appointed president in February 2003.
