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Schlumberger remains under pressure: Garnry
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Peter Garnry, Saxo Bank’s head of equity strategy, says he plans to sell shares in the world’s largest oilfield services company, Schlumberger.
He argues that Schlumberger remains in a weak position with a rebound in oil prices unlikely after Opec and non-Opec nations failed to agree a production freeze.
Peter says that Schlumberger’s earnings are expected to decline by 63% y/y in Q1 and revenues are set to drop by 35%.