Schlumberger posted a income of 5,532 billion up 5% sequentially. The income was down 33% year-on-year. The efficiency over the last quarter of 2020 was pushed by North America and Latin America with revenues up 13% and 17% in comparison with the earlier quarter.
• North America space income of $1.2 billion elevated 13% sequentially with sturdy development each on land and offshore. Land income elevated pushed by Well Construction exercise on larger rig depend and OneStim exercise by extra fleet redeployments. Offshore income grew on account of larger gross sales of subsea manufacturing methods and year-end multiclient seismic licenses.
• Revenue within the Latin America space of $969 million elevated 17% sequentially with continued energy in Ecuador, Colombia, offshore Brazil, Guyana, and Argentina. Ecuador income elevated on APS tasks, larger gross sales of nicely manufacturing methods, elevated intervention companies, and a rebound in drilling exercise. Revenue elevated in Colombia from drilling venture startups, in Brazil from the resumption of offshore drilling and gross sales of manufacturing methods, in Guyana from elevated intervention and stimulation exercise, and in Argentina from larger drilling exercise.
• Europe/CIS/Africa space income of $1.four billion decreased 2% sequentially primarily as a result of seasonal winter exercise slowdown in Russia & Central Asia whereas exercise elevated considerably in Angola, Nigeria, Gabon, and several other nations in Europe. Revenue elevated in Angola from drilling venture startups, in Scandinavia from elevated gross sales of subsea and nicely manufacturing methods, in Gabon and Nigeria from new venture startups, and in Mozambique from multiclient seismic license gross sales. Significant digital options and software program gross sales had been made in Russia, Scandinavia, Romania, Ukraine, and Turkey.
• Revenue within the Middle East & Asia space of $2.zero billion elevated 1% sequentially. Revenue development was primarily in China, India, and Oman, partially offset by declines in Egypt, East Asia, and Kuwait. Revenue in China elevated from gross sales of manufacturing methods and digital options and better drilling and measurement exercise. Production Systems gross sales drove development in India and Oman however declined in Egypt, East Asia, and Kuwait. Revenue in Saudi Arabia was resilient as decreased stimulation, logging, and drilling exercise was offset by larger gross sales of manufacturing methods. Qatar income was additionally resilient as decreased stimulation exercise was offset by larger drilling exercise.
Schlumberger CEO Olivier Le Peuch commented, “We concluded the yr posting very sturdy fourth-quarter outcomes, as we leveraged the trade restoration, which has now commenced. Fourth-quarter income grew 5% sequentially, pushed by sturdy exercise and stable execution each in North America and within the worldwide markets. Despite seasonality, income grew sequentially in all 4 Divisions for the primary time for the reason that third quarter of 2019. I stand very proudly behind the efficiency of your complete Schlumberger group in the course of the quarter, closing an distinctive yr of operational resilience and efficiency for our prospects.
“Sequentially, worldwide income development visibly outpaced rig depend and was led by Latin America and a worldwide rebound of exercise in most offshore deepwater markets. In the Middle East & Asia, development was principally in China, India, and Oman whereas Saudi Arabia remained resilient. In Europe/CIS/Africa, exercise elevated considerably within the offshore markets of Africa and several other nations in Europe offset by the seasonal winter slowdown in Russia. In North America, offshore exercise within the US Gulf of Mexico grew, and on land, elevated horizontal drilling and stress pumping exercise contributed to larger income.”

Schlumberger stated that the restoration cycle has begun, digital adoption is accelerating, and sanctioned tasks are commencing on land and offshore,…

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