The Ecuadorians are going to stop paying back the multi billion debt owed to Schlumberger for production manager services. Should we be surprised ? Why the heck did we take on all their business when the risk was huge they would never pay us ? Management got their revenue bonuses but shareholders got shafted with the un payed bills.
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According to Reuters Ecuador has just defaulted on its loan repayments. Will the VPs still be getting their bonuses?
Investors come first.
0.1% of shares are owned by insiders
Institution own 82%
Rest assure they will make money out of liabilities to pay to investors.
Bright future and strong company at employees expense.
Forth = fourth, curse the spull chucker.
SLB has far too much exposure to third world, frighteningly indebted countries. Of course the genius Presidents should have seen this huge storm approaching. It is no use bragging to shareholders how many countries you deal with when the chances of payment are virtually nil. Bet no gets the sack. Where on earth do they get these deluded upper management bots from?
Forth quarter figures, especially as SLB is discounting like mad, are looking less than rosy.
I just knew this was going to happen sooner or later - wish I sold my stock years ago