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Speaker 1: This is definitely my jam.

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Speaker 2: It's been a lot of fun here today and I'm

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Speaker 2: joined now by Olivia la Push again, the CEO of

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Speaker 2: sl be a major oil services company, but so much

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Speaker 2: more than that new energy technology, digital AI, you name it,

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Speaker 2: they do it. Olivia, Thank you for joining me, Thank

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Speaker 2: you for following me. I want to start with the

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Speaker 2: economic data we got today. IM services in the US,

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Speaker 2: it was okay, it was going to be a little

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Speaker 2: bit soft on the headline. What's your read on the

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Speaker 2: global economy and the US economy.

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Speaker 3: I think the Global academy, considering the them of conflict

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Speaker 3: and Lahina is actually doing okay. And I think that

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Speaker 3: when he turned it into demand for energy, I think

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Speaker 3: the demon of energy is still going the all in

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Speaker 3: part cular liquid demand I think has been tracking very

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Speaker 3: well to the GDP golf for the last four years,

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Speaker 3: and I believe this is still happening. So the US economy,

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Speaker 3: I believe that there was a lot of fear of recession,

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Speaker 3: a lot of fear of uh misssoft lending. I believe

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Speaker 3: that what we see today happening, and many indicators in

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Speaker 3: the US proved that this economy has a lot of

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Speaker 3: residence and we Sataly have a nice soft lending that

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Speaker 3: will keep the economy growing and success all right.

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Speaker 2: So maybe a pretty solid economy like steady as she goes.

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Speaker 2: Steady as she goes has been m and A in

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Speaker 2: the oil space here in the US. Does M and

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Speaker 2: A here for oil guys mean less business for you

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Speaker 2: or less pricing power going forward?

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Speaker 3: No, I think it is not a surprise that this

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Speaker 3: industry is consolidating. I think the consideration brings scale, efficiency

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Speaker 3: and access to tier one resources that are in scars access.

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Speaker 3: So I believe that for us, the bigger and Better

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Speaker 3: as we call it, we're doing typically better with a

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Speaker 3: larger customer that have a larger portfolio of our courage

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Speaker 3: and solution we can provide. So typically we provide more

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Speaker 3: recovery or personal performance and doing this transition more digital services.

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Speaker 3: As company wants to synergy once we extract the effect

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Speaker 3: of scale, and wants to prove that they can gain

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Speaker 3: efficiency by using the best technology they have. Both companies

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Speaker 3: are using, so we try to be successful with our technology.

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Speaker 3: And for us it's so globally positive.

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Speaker 1: So one plus one does a NICO less than two.

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Speaker 1: One plus one equals it.

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Speaker 3: Will it will it will on occasion, okay, because there

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Speaker 3: will be conserliation of activity that will high grade the

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Speaker 3: buffolio high grade roso set. But as an intensity of

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Speaker 3: technology and what is left, the intensity of technology amission

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Speaker 3: is going higher and we typically are doing well and

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Speaker 3: we anticipate to do well and to perform in the US.

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Speaker 2: So based on that, I know that shale is like

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Speaker 2: an infantasmal part maybe of your business, but I do

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Speaker 2: want to get your take on you. I'm going to

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Speaker 2: see another surprise performance from US shale production this year

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Speaker 2: like we did last year.

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Speaker 3: I think we'll I'll be surprised that we have a

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Speaker 3: repeat to the same scale. However, I think we should

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Speaker 3: not discover that the progress we are seeing in efficiency

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Speaker 3: in performance of technology, and we're part of it. We

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Speaker 3: provide performance breakthrough to our customers on well construction and

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Speaker 3: other aspects and customer benefits and drink faster, driad better walls,

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Speaker 3: and complete and lift their old pollution in a better way. Now,

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Speaker 3: there are temical limits to this, the geology that are constrained,

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Speaker 3: and hence the trend that we are seeing in M

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Speaker 3: and A that is trying to make the best out

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Speaker 3: of the existing rousso set and combined. But first it's

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Speaker 3: not as small. I think the North Summercassi rovers on

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Speaker 3: twenty percent of our total business. We still have a

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Speaker 3: very large fit for basing presence in the US and

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Speaker 3: we are very successful with our technology.

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Speaker 2: In the US did But compared to your offshore I

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Speaker 2: mean your real client in the offshore.

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Speaker 1: Landscape, what is your competence.

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Speaker 2: In the offshore recovery that we've see in like how

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Speaker 2: long is your visibility and that sustainability.

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Speaker 3: As we keep referring to this circle as a character

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Speaker 3: sics of breadth, residence, and duration. I think the offshore

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Speaker 3: attributes that plays the most is duration. We believe that

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Speaker 3: by definition of show is long cycle far too in

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Speaker 3: deeper environment. Secondly, there has been a resurgence of some

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Speaker 3: exploration off show, not only in an existing basin in

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Speaker 3: infrastructure led exploration as we call it, but also into

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Speaker 3: new frontier. So this is adding a pipe pane of

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Speaker 3: FID that will prolong the cycle beyond what we can

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Speaker 3: see today. So today, if you look at the numbers,

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Speaker 3: we anticipate that the global of show we'll see about

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Speaker 3: one hundred billions as of FIDER each twenty four and

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Speaker 3: twenty five, the next this year and next year as

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Speaker 3: the size of FID that are in the pipeline in

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Speaker 3: shallow or deeper environment, and this we believe will be

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Speaker 3: extended beyond because there is a wide, a large activity

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Speaker 3: on explosion and appraisal in some province in the new province,

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Speaker 3: like Namibia, like Surinam, like the equator margin Brazil.

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Speaker 1: Can you say extended like twenty eighty eight twenty.

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Speaker 3: Much later into in this decade that we couldn't haven't

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Speaker 3: see betted maybe two or three years ago.

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Speaker 2: Of course, if idea is final investment decision, where people

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Speaker 2: start to really like companies really put money into work.

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Speaker 2: One company or country that's putting less money to work

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Speaker 2: maybe sari Ramco, Saudi Arabia and sariy Ramco. We're not

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Speaker 2: going to develop thirty million barrels of oil a day.

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Speaker 2: You shrug because it wasn't a big deal, right, But

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Speaker 2: when you look at your share price, the stock fell

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Speaker 2: seven percent and it hasn't truly recovered since that day.

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Speaker 1: What are people getting wrong about the scenario?

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Speaker 3: I think we have been very clear on the market

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Speaker 3: on the consequence of this decision, the cost count decision

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Speaker 3: for US is in material you know but don't show

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Speaker 3: to continue to grow in Middle Set that is at

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Speaker 3: the record high level of investment, combined with the oil

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Speaker 3: capesty expansion in Saudi but of a country ue Kuwait

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Speaker 3: and development of Iraq or Libya further expansion. Secondly, in

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Speaker 3: the entire Middle East region, gas is becoming a cdical

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Speaker 3: strategic priority and both conventional gas like Kata is developing

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Speaker 3: for energy export or unconventional and connotional gas for local

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Speaker 3: consumption or for replacements of oil production.

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Speaker 2: If somebody a renco those state is conservative, like does

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Speaker 2: it start to buy it in like twenty twenty five,

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Speaker 2: twenty twenty six.

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Speaker 3: No, I don't think they're conservative. I was there for

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Speaker 3: a week three weeks ago and the activity is as

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Speaker 3: high as we has ever been and I've ever seen

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Speaker 3: in the Middle East and part clarin in Saudi, It's

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Speaker 3: stretch is very very strong. It's a record high land activity,

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Speaker 3: record high of show activity. This extension that was supposed

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Speaker 3: to happen is at the moment suspended delayed, could come

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Speaker 3: back as it could provide another one million bile addition

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Speaker 3: from offshore. We happen to be very well exposed and

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Speaker 3: very long on shore exposure. Because of our INTECRATD contract,

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Speaker 3: we happen to be also extremely well exposed to gas

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Speaker 3: in Saudi. So first is minimum or immatenal impact for

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Speaker 3: this year for sure and for the forcible future. We

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Speaker 3: see growth this year, they see deficant growth in all

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Speaker 3: or almost all the country Middle Easts. We want to

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Speaker 3: supped this activity momentum to continue into next year. And

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Speaker 3: this change of two projects that have been postponed, that

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Speaker 3: has been canceled, that do not opos on more than

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Speaker 3: one percent of the total extreme spent per year is

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Speaker 3: not changing. Our strategy is not changing. The game is

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Speaker 3: not changing. What is the largest and biggest investment cycle Middle.

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Speaker 2: East and that is very good perspective to keep in

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Speaker 2: that when we hear these headlines that they cross. So

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Speaker 2: just to wrap up, speaking of stud Arabia, we just

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Speaker 2: saw OPEC plus continue the extension of their cards. Is

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Speaker 2: eighty a floor top like, how do you see the

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Speaker 2: oil market?

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Speaker 1: Where's the band?

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Speaker 3: The band has been I think OPEK has been willing

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Speaker 3: to set the flow up eighty or more. The old

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Speaker 3: prices have stayed between seventy five and eighty five. Wonticipate

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Speaker 3: to this market to stay to stay stretch because OPEK

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Speaker 3: will continue to use OPEC plus continue to use their

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Speaker 3: opportunity to adjust to the market to the market demand

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Speaker 3: supply equation. As you can see the maturity of the

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Speaker 3: US market starting to go towards production plateau, we create

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Speaker 3: more pull on international liquid demands. Gas activity internationally continue

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Speaker 3: to expand due to gas security. So this combination will

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Speaker 3: continue to push and support activity outlook and I'm not

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Speaker 3: willing to predict, will not predict all price, but we

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Speaker 3: believe that the balance of a back plus the continued

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Speaker 3: to pull on international supply that will stretch the existing

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Speaker 3: resource basins internationally will continue to support very healthy all

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Speaker 3: prize going forward.

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Speaker 1: So arrange a healthy range. All right, Livia, thanks a lot.

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Speaker 2: I really appreciate your time to say level push, CEO

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Speaker 2: of SLB