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2014-05-11 13:35:00

SCHLUMBERGER: ENSCO TAPS

SCHLUMBERGER: ENSCO TAPS

Offshore oil driller Ensco PLC said Friday that Carl Trowell, a senior executive from oil-services company Schlumberger Ltd., has been named chief executive and president.

Mr. Trowell, who will take up his new roles June 15, succeeds Dan Rabun who is retiring after eight years as CEO. Mr. Rabun's planned retirement was announced in November.

Mr. Trowell, 45 years old, began his career as a petroleum engineer with Shell before joining Schlumberger, where he held a variety of international management positions. At Schlumberger, his responsibilities included operations and technology to marketing and business development across various regions.

U.S.-listed Ensco is the world's second-largest offshore oil driller after Transocean Ltd.  and operates one of the newest ultradeep-water rig fleets and has a major presence in many of the world's big oil basins.

Oil-services companies such as Ensco have benefited from the boom in offshore drilling in recent years as the world's biggest oil companies go further off the coast of such countries as Angola, Brazil and Mozambique in search of new barrels, and as energy demand continues to grow.

Accessing deep-water reservoirs has never been easy, and it is getting more expensive—wells can cost upward of $200 million. The technology required to drill in such regions is key to keeping costs down.

At Schlumberger, Mr. Trowell was seen as an executive with potential to become its CEO within eight years, a person familiar with the matter said Friday. He gained a reputation for being a strong technology leader adept at hiring and developing top talent.

Ensco "was able to pull a real star out of Schlumberger,'' the person said.

wsj.com

Tags: SCHLUMBERGER, ENSCO

Chronicle:

SCHLUMBERGER: ENSCO TAPS
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

SCHLUMBERGER: ENSCO TAPS
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

SCHLUMBERGER: ENSCO TAPS
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

SCHLUMBERGER: ENSCO TAPS
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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