The world's biggest oilfield services company Schlumberger announced Friday that its revenue increased in the second quarter of 2018.
The firm said revenue in April-June period rose 11.3 percent to $8.3 billion, from $7.46 billion the same period last year.
While the company had a net loss of $74 million in the second quarter of 2017, it posted a net income of $430 million in the same period of this year.
'We delivered solid top-line growth both in North America and the international markets, building on our strong contract portfolios and our recent tender wins. We mobilized an unprecedented 29 new rigs for our international integrated drilling business,' Schlumberger Chairman and CEO Paal Kibsgaard said in a statement.
He said the market fundamentals continue to evolve favorably for the company's international business as the global balance of crude oil supply and demand tightens further.
'Despite OPEC's recent decision to increase production, the global supply base continues to weaken from geopolitical pressure to remove Iranian production from the market, no apparent resolution to falling production in Venezuela, and Libyan exports continuing to be volatile,' Kibsgaard said.
'In North America, lack of additional pipeline capacity in the Permian Basin is becoming an increasing constraint to production growth. At the same time, spare production capacity, which is essentially limited to only a few OPEC countries, is now nearing its lowest level for more than a decade while decline in the world's mature production base continues to accelerate,' he added.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr