Schlumberger's FY08 Results to Be Less Than Expected

Schlumberger's fiscal year profit for 2008 will be below analysts' consensus estimates due to the worldwide economic slowdown and its effect on oil and gas exploration and production spending.

"We have been consistent in our view that our results would be affected in the event of a severe global economic downturn, which we are now facing," said Chairman and Chief Executive Officer Andrew Gould. "However, we still maintain that in the longer term, the fundamentals of our industry are sound."
 

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