The revenue of Schlumberger declined by some 30% in the first quarter to around $5.2 billion compared to the same period a year earlier, according to its financial results statement released on Friday.
The revenues of the world's largest oilfield services company dropped by 28.3% in 2020 to nearly $23.6 billion compared to the previous year.
The American company posted a net profit of $299 million in the January-March period of this year, compared with a loss of $7.4 billion for the same period last year.
“Looking ahead, we continue to be encouraged by constructive macroeconomic drivers. While the world is still grappling with COVID-19 infection rates, vaccination programs and fiscal stimulus packages are expected to support a rebound of economic activity and oil demand recovery through the year. Industry analysis estimates 5–6 million bbl/d of oil demand will be added by the end of the year as demand recovery is projected to improve in the second quarter, exiting the year just 2 million bbl/d short of 2019 levels," Schlumberger CEO Olivier Le Peuch was quoted as saying in the statement.
Le Peuch noted that with the gradual return of oil demand, the company anticipates North America activity to level off at production maintenance levels, while international activity is poised to ramp up through year-end 2021 and beyond.
"Consequently, we are increasingly confident that our international revenue will see double-digit growth in the second half of 2021 as compared to the same period last year, which implies potential upside to the already robust growth that is anticipated in 2022 and beyond," Le Peuch said.
By Ebru Sengul Cevrioglu