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Schlumberger posts first revenue rise in 9 quarters as drilling recovers

Friday, April 21, 2017 - 19:35

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Schlumberger NV reported a 5.7 per cent rise in revenue, the first increase after eight quarters, as a recovery in crude prices spurred shale drilling after a more than two-year slump.

[BENGALURU] Schlumberger NV reported a 5.7 per cent rise in revenue, the first increase after eight quarters, as a recovery in crude prices spurred shale drilling after a more than two-year slump.

The world's top oilfield services provider said on Friday revenue rose to US$6.89 billion from US$6.52 billion as higher drilling activity in North America also helped roll back discounts offered during the downturn in oil prices.

The US rig count rose more than 25 per cent in the first three months of the year, according to data provided by Baker Hughes Inc.

However net profit attributable to Schlumberger fell to US$279 million, or 20 US cents per share, in the first quarter ended March 31, from US$501 million, or 40 US cents per share, a year earlier.

Schlumberger's cost of revenue rose 11.3 per cent to US$6.08 billion as the company reactivated idled rigs and equipment to meet the rising demand from US shale producers.

REUTERS

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