French-U.S. oil services group Schlumberger on Jan. 22 said it suffered a 41% plunge in net profit last year, owing to a drop in world oil prices, but reported an improvement in the final quarter.
Net profit fell to $3.16 billion from $5.39 billion in 2008.
The Houston, Texas-based company's revenue dropped to $22.7 billion last year versus $27.16 billion in 2008, a 16% fall.
But Schlumberger reported an improvement in the last quarter of last year.
The group's net profit reached $817 million in the last three months of 2009, 4% higher than the preceding quarter. But the fourth quarter earnings were 29% lower than the same period in 2008.
Revenue reached $5.74 billion in the fourth quarter compared to $5.43 billion in the previous three-month period, or a 5.8% increase. Revenue in the fourth quarter of 2008 had stood at $6.87 billion..
The company said its outlook for 2010 "remains largely dependent on the prospects for the general economy."
It expects world oil prices to remain a current levels, which are hovering around $75 a barrel, "and that as our customers' confidence grows, their exploration and production budgets will increase."
Copyright Agence France-Presse, 2010
