Oil services giant Schlumberger has said activity in the North Sea continues to be weak as it reported a 46 per cent dip in third quarter profits.
The company warned the outlook continues to be challenging in the sector with exploration and production spending expected to remain constrained throughout next year.
Revenue in the three months to September 30 dipped 33 per cent from $12.6 billion to $8.5bn while pre-tax profit fell from $2.8bn to $1.5bn.
In the North Sea revenue was down on lower rig counts along with projects being delayed or cancelled.
The company, which employs around 3,000 at bases in and around Aberdeen, also cited pricing discounts and currency weakness in the region.
Paal Kibsgaard, Schlumberger chairman and chief executive, said the global outlook for oil services looks “increasingly challenging” with any recovery in activity now appearing to be “delayed”.
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