Schlumberger closes operations in Russia - the second service company from the Big Four

Following Halliburton, Schlumberger announced an immediate halt to all investment in the Russian oil and gas market and technology supplies to Russia following its invasion of Ukraine.

"We are watching with great concern the escalation of the conflict in Ukraine," said Director General Olivier Le Pesch. "First and foremost, we are deeply focused on the health, safety and security of our employees, colleagues and their families in Ukraine, Russia and throughout the region."

The company added that they evaluated their activities as the situation developed and decided to suspend new investments immediately. "We continue to actively monitor this dynamic situation and will carry out any existing activities in full compliance with applicable international laws and sanctions," the statement said.

Among the major service companies that continue to operate in the Russian market are two - Weatherford and Baker Hughes.