Schlumberger Reports Q1 Revenue Fall

Schlumberger has reported a 28% drop in its quarterly profit, which has signalled optimism in the energy exploration and production business.

The oil services giant said its first quarter 2010 revenue fell to $5.6bn from $5.74bn in the fourth quarter of 2009 and $6bn in the first quarter in 2009.

The sequential decline was put down to an overall drop in product and software sales from the high levels of the fourth quarter, and a sharp drop in the North Sea and Russia due to drilling efficiency and adverse weather.

The impact was offset as North American margins improved in all geomarkets due to increase in activity and continued strength in the Middle East and Asia, the company said.

The company’s oilfield services revenue went down by 1% sequentially and 6% year-on-year to $5.1bn.