news/BKR/2023.01.25/SLB warns of business risks from Western sanctions as Russia revenue rises.txt

Jan 25 (Reuters) - Top oilfield services firm SLB
on Wednesday warned of business risks associated with
additional sanctions on Russia, even as its revenue there
continued to grow, according to a regulatory filing.SLB boosted its business in Russia last year, as oil prices
surged and rivals fled following Western sanctions on Russia for
its invasion of Ukraine. Russia represented 6% of SLB's
full-year 2022 revenue, or $1.69 billion, the company said in an
annual filing.Russia accounted for 5% of total company revenues in the
quarter before Moscow invaded Ukraine, according to a previous
company filing. It began disclosing more details around Russian
revenue and assets following the war.The Curacao-domiciled company, which suspended new
investments and technology deployment in Russia last March, said
it continued to "actively monitor the dynamic situation in
Ukraine and applicable laws, sanctions and trade control
restrictions resulting from the conflict," according to the
filing.It continued to work for Russian energy companies
including Lukoil, Rosneft , Gazprom
as rivals Halliburton and Baker Hughes exited or sold
off their operations.SLB said the carrying value of its net assets in Russia
totaled roughly $700 million at the end of 2022, down from $900
million at the end of the third quarter 2022. It closed out the
year with $300 million in receivables, down from $400 million in
third quarter.The oilfield company also said it had roughly $1 billion in
unpaid bills related to Mexico, according to the filing. It said
the receivables, from its primary customer in Mexico that was
not identified, were not in dispute. It has not historically
experienced any material write-offs resulting from uncollected
bills from this firm, it said.SLB did not immediately respond to an email seeking more
detail on the filing.
(Reporting by Liz Hampton in Denver; Editing by Anna Driver)