<SLB.N>,UPDATE 1-Schlumberger expects strong revenue growth
(Adds details)
NEW ORLEANS, March 20 (Reuters) - Schlumberger Ltd <SLB.N>,
the world's largest oil field services company, expects its
revenue growth to be in the mid to high teens to the end of the
decade, Chairman and Chief Executive Andrew Gould said on
Monday.
The company sees "no significant slowing of activity before
the end of the decade," Gould told the Howard Weil energy
conference.
"We expect our topline growth to average in the mid to high
teens ... to the end of the decade," he said.
Oil field service companies have posted strong revenue and
profit growth over the past two years as high energy prices
have prompted oil and gas producers to spend heavily to
increase output.
Schlumberger's revenues grew by nearly 25 percent in 2005
from the previous year to $14.31 billion.
Much of the growth would come in Russia, Gould said.
"Russia will remain the fastest growing area for
Schlumberger," he said. "We expect the growth we are currently
seeing in exploration and greenfield work continuing."
Schlumberger stock has risen about 37 percent so far this
year, far outpacing the 10.5 percent gain in the broader oil
service index <.OSX>. The shares were up 1.3 percent at $124.82
in early trading on Monday on the New York Stock Exchange
(20Mar06 15:16 GMT
Symbols:
ch;SLB de;SCL fr;SLB gb;SCL nl;SLB us;OSX us;SLB
Source RTRS Reuters News
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