NEW YORK (TheStreet) -- Schlumberger (SLB) shares are up 0.35% to $85.14 in trading on Tuesday after the oil and gas exploration technology provider announced an $800 million pretax fourth quarter write-down.
The company plans to reduce the size of its WesternGeco marine seismic fleet in an effort to reduce costs due to what it expects to be a trimming of its customers' exploration budgets in the fourth quarter.
In all, the company will reduce its fleet by eight vessels, trimming its number to nine survey vessels and six source vessels from its current size of 15 survey vessels and eight source vessels.
Must Read: Warren Buffett's 25 Favorite Stocks
TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."