Schlumberger net profits up a third in 2nd quarter

23rd July 2010, Comments 0 comments

Franco-American oil services group Schlumberger announced a 33.4-percent second-quarter rise in net profits on Friday, thanks to its performance in the Americas, and renewed demand for oil.

The Houston, Texas-based company said revenue was up in regions led by both North America and Latin America.

"Looking forward to the remainder of the year, we see a continued slow build of activity in the second half in most parts of the world," said company chairman and chief executive officer Andrew Gould.

But they did not foresee a resumption of drilling this year in the Gulf of Mexico, the scene of the devastating oil spill following the blast at the BP-leased Deepwater Horizon rig in April that killed 11 workers.

"In deepwater activity elsewhere we have not seen, nor do we expect to see, any significant delays or program reductions as a result of the US Gulf of Mexico drilling moratorium," Gould said.

He added: "The recovery in world demand for oil has been reasonably robust and current forecasts for the coming year remain consistent with slowly increasing levels of exploration and production activity."

© 2010 AFP

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