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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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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