Reuters: Global Markets: Schlumberger says lower drilling activity to hit profit

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Schlumberger says lower drilling activity to hit profit Dec 14th 2012, 13:47 Fri Dec 14, 2012 8:47am EST (Reuters) - Schlumberger Ltd (SLB.N), the world's largest oilfield services company, said fourth-quarter earnings would be hurt by weaker-than-expected drilling activity in North America and continued delays in contracts in Europe and Africa. The combined impact on profit is estimated to be in the range of 5 cents to 7 cents per share in the fourth quarter, Schlumberger said in a statement. Schlumberger, along with rivals Halliburton Co (HAL.N) and Baker Hughes Inc (BHI.N), has had less work in North America this year, as weak natural gas prices have pushed down the number of U.S. rigs drilling for the fuel. International drilling activity, which helped Schlumberger report better-than-expected third-quarter results, has begun to slow down due to uncertainty about the world economy. Schlumberger shares were down about 3 percent before the bell. The stock has risen 6 percent this year to Thursday's close of $72.56 on the New York Stock Exchange.

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