(Reuters) – Oilfield services firm SLB’s third-quarter profit rose 13% and beat analysts’ estimates on Friday on steady demand for its equipment and technology in international market and from offshore projects in North America. However, the company warned of limited spending by international producers in a weak oil price environment. SLB, which gets 81% of its business from international markets, has been betting on overseas demand in recent quarters to offset weakness in North America. North America revenue rose 3% sequentially due to higher activity in the U.S. Gulf of Mexico, partially offset by lower drilling in U.S. land. Last quarter, the company said it had started a cost cutting program in some parts of the organization, including adjusting resources due to lower North America activity levels, and centralizing some digital delivery services.

Source: The North Africa Journal October 18, 2024 13:33 UTC