April 21, 2017 / 11:02 AM / 9 months ago

Schlumberger posts first revenue rise in 9 quarters as drilling recovers

April 21(Reuters) - Schlumberger NV reported a 5.7 percent rise in revenue, the first increase after eight quarters, as a recovery in crude prices spurred shale drilling after a more than two-year slump.

The world’s No.1 oilfield services provider said on Friday revenue rose to $6.89 billion from $6.52 billion as higher drilling activity in North America also helped roll back discounts offered during the downturn in oil prices.

The U.S. rig count rose more than 25 percent in the first three months of the year, according to data provided by Baker Hughes Inc.

However net profit attributable to Schlumberger fell to $279 million, or 20 cents per share, in the first quarter ended March 31, from $501 million, or 40 cents per share, a year earlier. (bit.ly/2ox4Wg5)

Schlumberger’s cost of revenue rose 11.3 percent to $6.08 billion as the company reactivated idled rigs and equipment to meet the rising demand from U.S. shale producers. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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