Schlumberger, currently in the process of selling assets to cut debt and focus on its core oil business, has renamed its smart card unit and said it would spin off the business in 2004.
Olivier Piou, chief executive of the smart card and terminals division, told Reuters in an interview the rebranding of the division as Axalto was part of the preparation for its divestiture.
"It's one step further on the road to the independence of the smart card division," Piou said.
But contrary to media reports during the summer, Piou said the company would divest the unit by the end of 2004, not before the end of this year.
"There is no rush with Axalto," he said. "However, it's clear that if we are changing our name our future is not inside Schlumberger. This will become urgent at the end of 2004," he said.
Schlumberger, which vies for leadership in the smart card industry with France's Gemplus, has suffered from falling prices for its chip-bearing smart cards amid weak demand from telecoms companies and other customers.
