Schlumberger Q3 revenue boosted by growth in Iraq, Saudi

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Schlumberger, boosted by strong growth in Iraq and Saudi Arabia, posted third-quarter 2011 revenue of US$10.2 billion against US$9.6 billion in the second quarter of 2011, and US$6.85 billion in the third quarter of 2010.

In Iraq, Schlumberger's strong operational performance and new IPM contract awards helped drive results and in Saudi, its rigless activity was particularly strong.

Income from continuing operations attributable to Schlumberger, excluding charges and credits, was $1.32 billion - an increase of 12 per cent versus Q2 and 51 per cent year-on-year (Y-o-Y).

Oilfield Services revenue increased 44 per cent Y-o-Y to hit US$9.55 billion. Drilling Group Q3 revenue also rose to reach US$3.68 billion 79 per cent higher year-on-year.

Schlumberger CEO Paal Kibsgaard commented, "Schlumberger third-quarter results continued to show solid progress."

Schlumberger also highlighted the current financial turmoil which has already resulted in a lower outlook for oil demand growth in 2012, although demand growth is still expected to exceed that of 2011.

The company said that recent production data, as well as forward projections indicate that there is a tight cushion of excess oil supply that will continue to support activity.

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