Schlumberger: mentions a “stabilisation” in Q3.


( - Schlumberger has reported Q3 sales of seven billion dollars, down 17% y-o-y, but down only 2% from the previous quarter (Q2).

Down 46% y-o-y to 815 million dollars, pre-tax operating profit rose 9% from Q2.

The group's net attributable income of 176 million dollars (0.13 dollar per share) was down a massive 82.2% over the past year, due to depreciation and amortisation costs amounting to almost one billion dollars. However, excluding extraordinary items, adjusted net profit came in at 353 million (0.25 dollar per share); although down 64% y-o-y, this result was actually up 12% from one quarter to the next.

Group CEO, Paal Kibsgaard, who over the summer pointed out that the oil services sector was bottoming out, welcomes the 'stabilisation' in sales that took place in Q3. Mr. Kibsgaard also pointed out (excluding Cameroon) the sequential recovery in business in North America, the Middle East, Australia and Russia.

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