Schlumberger Profit Hikes 88 Pct

Schlumberger has seen its net income jump 88 percent in the first quarter of 2018.

The oilfield services giant generated profit of $525 million, or 38 cents per share, on revenue of $7.28 billion, versus profit of $279 million, or 20 cents per share, on revenue of $6.89 billion same time last year.

Revenue increased some 14 percent year-over-year, but declined 4 percent sequentially.

The first-quarter sequential revenue decline was led by the Cameron, which fell 7 percent, driven by seasonally lower project volumes and reduced product sales. OneSubsea revenue was lower on declining project backlog.

OneSubsea had $329 million in orders for the first-quarter 2018 and backlog of $2 billion.

“We remain optimistic about the outlook for sustainable activity growth in our global business over the course of 2018 and into 2019. This is driven by higher customer activity and our ability to capture a major share of the emerging opportunities as performance-based contracts and integrated projects continue to gain traction as the preferred business models for many of our customers,” said Paal Kibsgaard, Schlumberger chairman and CEO.

Subsea World News Staff

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