Schlumberger to find new sweet spot in Sugar LandSchlumberger to find new sweet spot in Sugar Landhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=108412015-10-15T05:00:00Z2015-10-15T19:00:00Z

​​SUGAR LAND - Schlumberger will relocate its U.S. corporate headquarters to Sugar Land from its current location in Uptown Houston. The oilfield service provider will shift more than 500 jobs to its Sugar Land campus along US Hwy. 90A. 

The company plans to invest more than $200 million in capital improvements to the campus ahead of the relocation.

The move is a blow to Houston’s commercial real estate sector.

“A lot of oil companies are downsizing, shrinking,” says Ralph Bivins, editor of Realty News Report. “They’re putting that excess space on the market. It’s going to force down rents, hurt occupancy.”

Schlumberger announced two rounds of layoffs earlier this year, cutting roughly 20,000 jobs from its global workforce. 

In August, the company announced plans to buy Houston-based oilfield equipment maker Cameron International, in a deal worth $12.71 billion.

Houston Public Media
Houston-The Woodlands-Sugar Land
http://www.houstonpublicmedia.org/news/schlumberger-to-move-us-headquarters-to-sugar-land/Source: {Source}

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