Schlumberger narrows 2Q loss. Sees number of shallow water FIDs ahead

Schlumberger has narrowed its second quarter loss to $74 million, compared to $2,16 billion a year ago.

The world’s largest oilfield services provider posted the second quarter revenue of $7,46 billion, 4 percent up from $7,16 billion in the corresponding quarter of 2016.

Sequentially, revenue grew eight percent, as Schlumberger had reported a revenue of $6,9 billion in the first quarter of the year.

North America revenue boosted by onshore activity was $2,2 billion, 18% up from the first quarter’s $1,73 billion, and 27% up from $1,73 billion a year ago.

Schlumberger CEO Paal Kibsgaard said: “North America revenue increased 18% following our rapid deployment of idle hydraulic fracturing capacity as land activity further accelerated during the second quarter, partially offset by further weakness offshore in the US Gulf of Mexico.”

Schlumberger’s international revenue was $5,1 billion, a four percent drop from a year ago, but also a four percent rise sequentially.

Kibsgaard said: “In the international markets, revenue increased 4% sequentially, led by Europe/CIS/Africa as activity recovered from the winter slowdown in Russia and the North Sea. Latin America revenue increased due to higher reservoir characterization and drilling activities in the Mexico & Central America GeoMarket, as well as from increased unconventional land activity in Argentina. The Middle East & Asia Area benefited from a seasonal rebound in China, increased activities in Southeast Asia, and higher Integrated Drilling Services (IDS) activity in Iraq.

Looking forward, the CEO said while the activity outlook for the second half of the year in North America remained robust, internationally, Schlumberger is also seeing an increasing number of new offshore projects being prepared for tendering and final investment decision (FID) in many of the world’s shallow water basins.

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