Schlumberger has reported an increase in revenue of 9% for the full-year 2017, and an increase of 9% in the fourth quarter, year-on-year.
The company recorded full-year 2017 revenue of $30.4 billion compared to $27.8 billion in 2016.
The increase in revenue included a full year’s activity from the acquired Cameron businesses as compared to three quarters of activity in 2016.
Excluding the addition of Cameron, revenue growth was driven by land activity in North America, which increased by 82% in line with the increase in rig count. Full-year Production Group revenue increased 21%, Reservoir Characterization Group revenue improved 2%, and Drilling Group revenue declined 2%.
During the Q4 2017 the company recorded revenue of $8,179, an increase of 15% compared to the same period in 2016.
Schlumberger’s net loss for the quarter was $2,255 billion, compared to $204 million loss in Q4 2016.
Excluding the charges Q4 2017 net profit was 688 million.
Schlumberger chairman and CEO Paal Kibsgaard said, “Over the past three years of unprecedented market downturn, we have proactively sought to strengthen our technology offering and our market presence in key markets around the world, with the expansion of our hydraulic fracturing presence in North America land being the most recent example. In line with the challenging business environment over the same period, we have restructured all relevant parts of the company, in terms of size and organizational set-up, to maximize our market competitiveness and operational agility.
“Looking at the oil market, the strong growth in demand is projected to continue in 2018, on the back of a robust global economy. The underlying signs of weakness will likely become more evident in the coming year, as the production additions from investments made in the previous upcycle start to noticeably fall off. All together this means the oil market is now in balance and the previous oversupply discount is gradually being replaced by a market tightness premium, which makes us increasingly positive on the global outlook for our business.”