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

Share this article

Follow Subsea World News

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

OFFSHORE TECHNOLOGY CONFERENCE (OTC2020)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >