Company News: WesternGeco to fold land operations in Lower 48, Canada

10/28/2002
In a move that may be indicative of the economic climate that oil services and supply companies will have to weather in the short to medium term, London-based seismic joint venture WesternGeco—owned through a 70:30 respective partnership of Schlumberger Ltd. and Baker Hughes Inc.—said that it would close down its land operations in the US Lower 48 and in Canada.The JV said that 1,200 employees would be affected worldwide by year- end. The venture said that land operations would, however, "continue in Alaska and Mexico, as well as other economically viable areas worldwide."In other recent company news:•E.On AG's UK subsidiary Powergen PLC said it will acquire Dallas-ba...
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