Schlumberger revenues fall despite strong Gulf order book

26 July 2009
US oil and gas engineering services firm Schlumberger's revenues in the Middle East and Asia fell 5 per cent in the second quarter of 2009 despite a large number of jobs booked in Gulf states.

Revenues in the Middle East and Asia fell 5 per cent from the first quarter of 2009 and 9 per cent from a year before to $1.3bn, with pre-tax profit falling 8 per cent over the quarter and 20 per cent over the year to $431m.

Schlumberger did not report net profits for the region, but overall net profit at the company fell 42 per cent from the same quarter of 2008 to $613m.

The fall in income from the Middle East and Asia was attributed to a slowdown in exploration and production activities, although business remained brisk in the Gulf states.

In Saudi Arabia, Schlumberger provided testing technology and services at both the Manifa and Khurais oil fields when state energy giant Saudi Aramco was performing feasibility studies.

In Abu Dhabi, Schlumberger technology was also used to appraise the Shah sour gas field, while further general services were provided in Qatar.

In Oman, meanwhile, Schlumberger subsidiary Western Geco was awarded a contract to provide seismic data for Petroleum Development Oman (PDO) in the south of the country.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.