A UK subsidiary of Schlumberger more than doubled operating profits in 2012 after improved performances by its two core business divisions, accounts show.
The figures, released by Companies House yesterday, reveal Schlumberger plc Group – described as a holding company for the US energy giant’s operations in the UK – made operating profits of £63.43million.
This was up from £31.12million in 2011 and came after one-off charges totalling £19.2million.
Pre-tax profits in the latest period totalled £77.13million, down from £178.27million the year before after the subsidiary made a gain of £133.2million from the £1628.2million sale of its global connectivity services business.
Turnover climbed to £914.17million in 2012, from £803.8million previously.
The firm said turnover at its oilfield services arm increased to £773.5million last year, from £671.1million.
Revenue at WesternGeco – whose services and products supply clients with measurements and images of subsurface geology and rock properties – totalled £140.7million in 2012, up from £132.8million.
Support for most of Schlumberger’s operations in the UK is provided by staff in Aberdeen and London.
The UK subsidiary’s accounts show it had 3,343 employees on average last year, an increase from 3,332 in 2011.
Emoluments paid to the firm’s unnamed highest earning director in 2012 totalled £445,135, compared with £332,807 the year before.
A directors’ report said performance at the oilfield services arm was being sustained in a market “recovering from the difficulties associated with recent adverse economic conditions”.
It added: “The group is adapting to this shift in demand efficiently.”
Recommended for you
