UPDATE 2-Schlumberger profit rises with global growth; shares up

* Q2 net income up 5 percent

* Revenue up 16 percent at $10.45 billion

* Shares up 1.9 percent

July 20 (Reuters) - Schlumberger Ltd, the world's largest oilfield services company, posted a better-than-expected rise in quarterly profit on Friday as revenue piles up outside North America and deepwater activity comes surging back, boosting its shares by nearly 2 percent.

Second-quarter net profit rose 5 percent to $1.40 billion, or $1.05 per share, from $1.34 billion, or 98 cents per share, a year earlier. Analysts on average had expected $1.00 per share, according to Thomson Reuters I/B/E/S.

Revenue increased 16 percent to $10.45 billion, above the $10.41 billion that analysts expected.

While the company earned two-thirds of its revenue outside North America, it also felt the industrywide weakness in U.S. hydraulic fracturing services.

"This was tempered by robust performance in other land businesses and in the U.S. Gulf of Mexico," Chief Executive Officer Paal Kibsgaard said in a statement.

Shares of Schlumberger rose 1.9 percent to $69.92 in premarket trading on Friday.