Summary Box: Schlumberger 3Q net income climbs

AP News
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Posted: Oct 22, 2010 8:14 AM
Summary Box: Schlumberger 3Q net income climbs

THE RESULTS: Drilling services provider Schlumberger Ltd. reported its third-quarter net income soared in part due to more land-based drilling activity by U.S. and Canadian customers. Revenue climbed 26 percent.

MORATORIUM: Chairman and CEO Andrew Gould said the land-based drilling work more than offset a sharp sequential decline in the U.S. Gulf of Mexico due to a moratorium there that shut down deepwater exploration projects for several months.

BUSINESS ELSEWHERE: Outside North America, the company said business in Asia, Russia, the North Sea and West and South Africa improved. North Africa and the Gulf of Guinea remained soft.