By the OGJ Online Staff
HOUSTON, July 25 -- Schlumberger Ltd., New York City, said net income for the second quarter was $187 million, up 20% from the same period last year.
Oilfield Services revenue, including WesternGeco, increased 44% versus the second quarter as the worldwide rig count grew. Compared with the first quarter of 2001, revenue increased 6%.
SchlumbergerSema revenue was $901 million for the quarter, a 7% sequential increase on a proforma basis. This included revenue for the acquired businesses of IT service group Sema ($560 million) and Bull CP8 ($35 million).
Euan Baird, chairman and CEO, said, "The excellent Oilfield Services results in the second quarter reflect the beginning of robust growth in the Eastern Hemisphere. The long-term nature of the underlying contracts gives us confidence that this increased level of oilfield activity is sustainable through 2002.
"On the other hand, gas drilling in North America is being affected by weaker demand due to the economic slowdown. Looking ahead, however, the massive increase in drilling activity over the last 12 months has done little to increase total gas supplies so that we can expect a renewed surge in gas drilling as soon as the US economy recovers."
He said the creation of SchlumbergerSema is proceeding and the company has identified $140 million of cost synergies it expects to realize by mid-2002.