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Schlumberger points to strong Q2 amid international market recovery

Behemoth oilfield services company Schlumberger Ltd. expects second-quarter EPS to climb between 10% and 15% with international markets driving confidence in the earnings outlook.

Speaking at the Wells Fargo West Coast Energy Conference in San Francisco on June 12, Executive Vice President of Wells Patrick Schorn said North American revenues will rise 12% to 13% sequentially as the company deploys new capacity into the hydraulic fracturing and drilling services markets on land and with increased interest in its technologies offshore.

The company expects international revenue growth of 6% to 7% quarter over quarter, driven by Asia, Europe, Africa and Latin America, a shift from revenue growth previously driven by Russia and the Middle East.

Second-quarter revenue growth in Russia was flat sequentially and well short of company expectations due to delays in the start-up of the summer offshore campaigns and weakness in the ruble exchange rate, Schorn said. Schlumberger also sees lower-than-expected sequential growth due to delays and drilling challenges in the start-up phase of its large integrated drilling projects in Saudi Arabia, Iraq and India.

Schorn said the shift in growth markets is a clear sign that a broader-based international recovery has started.