Oilfield services giant Schlumberger saw profits up 22% for the final quarter of 2013 to cap a successful year – and said it expects similarly strong results for 2014.
The company saw 11% growth in international projects for the year, with revenue of $45.3billion compared to $41.7billion for 2012.
European revenues were up 1% for the quarter, reduced by the impact of seasonal work in the North Sea, while pricing weaknesses in drilling and wireline brought down North American growth.
Disruption to the country’s operations in Iraq after violent protests at the company’s camp near Basra, which left a British security worker hospitalised, also impacted on results.
“Our fourth-quarter results were driven by solid activity in key international markets and strong year-end product, software and multiclient seismic sales in almost all areas,” said fhief executive Paal Kibsgaard.
“Growth was strongest internationally, where revenue set a new record high, but all Areas recorded sequential growth underpinned by the quality and efficiency of our execution.
“Overall results were, however, impacted by the temporary shutdown of activity in South Iraq and seasonal slowdowns in North America, the North Sea, Russia and China.”
Following recent reports of increased investment in the UK and Norwegian continental shelves, the company said it expected stronger growth in Europe over the next 12 months.
“These positive effects should overcome lower growth in some developing economies and support a continuing rebound in the world economy,” said Kibsgaard.
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