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Schlumberger posts profit drop - sees international spending rising
19 Apr 2019
Oilfield services provider Schlumberger on Thursday forecast rising international and offshore exploration spending this year, after posting a 20 percent drop in first-quarter profit due to weak North American demand.
The oilfield services sector bellwether said it expects a 7 to 8 percent increase in investments by oil producers in markets outside North America, citing a 20 percent increase last quarter in offshore rig counts and growing exploration activity in Latin America, Africa and Asia.
'We still see a fairly decent runway for increased international investments,' Chief Executive Officer Paal Kibsgaard said, citing higher new project approvals and a renewed interest in exploration outside North America.
See Schlumberger announcement: Schlumberger Announces First-Quarter 2019 Results
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Source: Reuters via Yahoo! Finance