Schlumberger Reports 17% Fall in Revenue

Schlumberger Ltd, the world's No.1 oilfield services provider, reported a 17 percent fall in quarterly revenue, hurt by weaker drilling activity and pricing pressure.

 

Net profit attributable to Schlumberger (SLB) fell to $176 million, or $13 cents per share, in the third quarter ended Sept. 30 from $989 million, or 78 cents per share, a year earlier.

 

Revenue fell to $7.02 billion from $8.47 billion.


(Reporting by Swetha Gopinath and Arathy S Nair in Bengaluru; Editing by Don Sebastian)