Oilfield services giant SLB NYSE SLB reported on Friday higher-than-expected earnings for the third quarter as global drilling demand further strengthened amid what the world’s biggest oilfield services provider described as an ongoing “multiyear growth cycle”. SLB posted a net income of $1.12 billion for the third quarter, up by 9% sequentially and up by 24% year-on-year. Earnings per share excluding charges and credits came in at $0.78, slightly higher than the analyst consensus of $0.
“Our strong quarterly performance was propelled by broad-based growth across Saudi Arabia, the United Arab Emirates, Indonesia, China, Malaysia, Kuwait, and Oman,” Le Peuch said. In North America, revenues for SLB declined in the third quarter compared to the second quarter, down by 6% to $1.64 billion, due to reduced drilling activity onshore and in the U.S. Gulf of Mexico. Offshore revenue declined as a result of lower subsea sales and decreased drilling activity.