Schlumberger LatAm Q3 Revenue Up 11% Year-on-Year

US oilfield services company Schlumberger (NYSE: SLB) reported that third quarter Latin American and Caribbean revenue rose 11% to US$629mn compared to 3Q05.

However, revenues from the company's operations in the region declined 6% from 2Q06, the company said in a statement.

The sequential decrease was due to "client budget-related activity declines in Mexico," despite increased activity in Colombia, Ecuador, Peru, Trinidad & Tobago and Venezuela. Reduced drilling activity also contributed to the overall revenue decline.

Schlumberger's Latin American and Caribbean pretax operating profit of US$130mn rose 1% sequentially and 41% year-on-year, the statement added.

Company-wide, Schlumberger saw its third quarter bottom line jump 84.9% to US$1bn compared to July-September 2005. Third quarter operating revenue rose 34% to US$4.96bn compared to 3Q05.

In the January-September period, the company posted a US$2.58bn net profit, up 66.8% year-on-year, and operating revenue increased 35% to US$13.9bn.

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