OILFIELD service giant Schlumberger yesterday said its third-quarter turnover rose 49% to £6.4billion compared with the same period in 2010.
However, its net profits in the period fell to £823million, from £1billion in the three months to the end of September in 2010. Schlumberger chief executive Paal Kibsgaard said: “Schlumberger third-quarter results continued to show solid progress with revenue increasing sequentially across all Schlumberger product groups.
“The current financial turmoil has already resulted in a lower outlook for oil demand growth in 2012, although demand growth is still expected to exceed that of 2011.
“While the financial turmoil introduces some uncertainty over near-term activity, we remain confident that any reductions will be short-lived, and that the outlook for the service industry remains very positive.”