Oilfield services giant Schlumberger saw profits rocket thanks to strong growth of drilling activity outside the US.
Revenue from the oilfield services operations was up 6% on the first three months of 2013 to $11.18billion, and up 8% year on year, with pretax income from oilfield operations up 16% on the previous quarter.
Net income rose to $2.1billion from $1.4billion a year earlier.
The company said increased drilling in China, Saudi Arabia and the North Sea, along with an increase in exploration work in Sub-Saharan Africa helped the company record a 4% rise in quarterly profits.
“Strong Schlumberger second-quarter results were marked by significantly higher international activity, both offshore and in key land markets,” said chief executive Paul Kibsgaard.
“In North America, we benefited from solid execution on land and further strength in deepwater activity to achieve solid overall progress despite competitive land pricing and the effects of the Western Canada spring break-up.
“Double-digit sequential revenue growth was recorded by the Reservoir Characterization Group and by the Middle East & Asia and the Europe/CIS/Africa Areas. All areas displayed strong execution and integration performance that, together with new technology sales, helped operating margins reach or exceed 20% across all geographies.”