Oilfield services major Schlumberger has posted first-quarter 2017 profit of $279 million, or 20 cents per diluted share, versus profit of $501 million, or 40 cents per diluted share same time last year.
Sequentially, net income, excluding charges and credits was at $347 million against $379 million.
The company’s revenue was up 6 percent year-on-year at $6.9 billion, from $6.5 billion in the corresponding period in 2016, but decreased 3 percent sequentially.
Cameron revenue of $1.2 billion decreased 9 percent sequentially and 25 percent year-on-year, driven by lower project volumes in OneSubsea and reduced product sales in Surface Systems. OneSubsea had orders od $546 million and a backlog of $2.63 billion at the end of first quarter 2017.
Schlumberger reported cash flow from operations of $656 million.
The company approved a quarterly cash dividend of $0.50 per share of outstanding common stock, payable on July 14, 2017 to stockholders of record on June 1, 2017.
Subsea World News Staff