Schlumberger Announces First Quarter 2003 Results.Business Editors NEW YORK--(BUSINESS WIRE)--April 22, 2003 Schlumberger Limited (NYSE NYSE See: New York Stock Exchange : SLB SLB Solomon Islands (ISO Country code) SLB Schlumberger Ltd. (oil field services firm) SLB Server Load Balancing SLB Sport Lisboa e Benfica (soccer) ) reported today first quarter 2003 operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $3.34 billion and net income of $149 million. Earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $0.26 per share. This compares to $0.28 per share last year, a 7% decrease. Oilfield Services revenue of $1.98 billion decreased 1% versus the fourth quarter of 2002, but increased 4% compared to the first quarter of last year. Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $315 million, increases of 14% sequentially and 3% year-on-year. WesternGeco revenue of $307 million decreased 8% versus the fourth quarter of 2002, and 20% compared to the first quarter of last year. Pretax operating income broke even compared to $6 million in the fourth quarter of last year, and $47 million in the first quarter of last year. SchlumbergerSema revenue of $793 million decreased 2% sequentially, but was up 12% year-on-year. Pretax operating income was $15 million, a decrease of 55% sequentially, and an increase of $14 million year-on-year. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Andrew Gould Andrew Gould (December 17, 1946) is chairman and chief executive officer of Schlumberger Limited, a global oilfield services company supplying technology, information solutions and integrated project management. commented: "The first-quarter results confirmed the directions outlined earlier this year with improvements in performance in a number of key areas. Oilfield Services in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. saw an upturn in natural gas drilling in response to record low levels of gas in storage, while strong activity in Mexico, Russia and parts of the Middle East largely offset the continuing weakness in Venezuela and Nigeria. Elsewhere, the WesternGeco restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). that halted unprofitable activities and implemented cost reduction measures allowed operations to break even on sharply lower revenues, while Q technology generated significant client interest that will strengthen marine activity in the coming months. Considerable progress was made in the definition of the SchlumbergerSema Energy IT services, and the contracts won during the quarter clearly illustrate the opportunities that are available. Overall, results at SchlumbergerSema met expectations in what is typically the slowest quarter of the year for IT services. Looking forward, outside North America activity levels will remain uncertain until the global economic environment improves the outlook for energy demand."
Consolidated Statement of Income (Unaudited)
(Stated in thousands except per share amounts)
Three Months
----------------------
For Periods Ended March 31 2003 2002
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Revenue
Operating $3,343,344 $3,256,198
Interest and other income(1) 29,658 33,837
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3,373,002 3,290,035
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Expenses
Cost of goods sold and services(2) 2,650,073 2,561,594
Research & engineering 162,362 159,658
Marketing 94,562 95,585
General 159,231 160,631
Interest 92,863 82,253
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3,159,091 3,059,721
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Income from continuing operations before taxes
and minority interest 213,911 230,314
Taxes on income 68,998 63,972
----------------------------------------------------------------------
Income from continuing operations before
minority interest 144,913 166,342
Minority interest(2) 4,249 (6,494)
----------------------------------------------------------------------
Income from Continuing Operations 149,162 159,848
Income from Discontinued Operations - 12,624
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Net Income $ 149,162 $ 172,472
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Basic and Diluted Earnings Per Share:
Income from Continuing Operations $ 0.26 $ 0.28
Income from Discontinued Operations - 0.02
---------- ----------
Net Income $ 0.26 $ 0.30
========== ==========
Average shares outstanding 582,209 576,306
Average shares outstanding
assuming dilution 583,981 581,104
Depreciation and amortization
included in expenses(3) $ 386,512 $ 361,250
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1) Includes interest income of $14 million (2002 - $18 million).
2) The first quarter of 2002 includes a $29 million charge (pretax $30
million and minority interest credit of $1 million) related to the
financial/economic crisis in Argentina ($0.05 per share).
3) Including multiclient seismic data costs.
Condensed Balance Sheet (Unaudited)
(Stated in thousands)
Assets Mar. 31, 2003 Dec. 31, 2002
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Current Assets
Cash and short-term investments $ 1,470,273 $ 1,736,016
Other current assets 5,634,867 5,449,424
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7,105,140 7,185,440
Fixed income investments, held to
maturity 380,000 407,500
Fixed assets 4,523,859 4,663,756
Multiclient seismic data 1,020,473 1,018,483
Goodwill 4,304,346 4,229,993
Other assets 1,910,062 1,930,023
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$19,243,880 $19,435,195
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Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Current Liabilities
Accounts payable and accrued
liabilities $ 4,374,340 $ 4,580,762
Estimated liability for taxes on income 619,811 625,058
Bank loans and current portion of
long-term debt 1,022,714 1,135,533
Dividend payable 109,825 109,565
----------------------------------------------------------------------
6,126,690 6,450,918
Long-term debt 6,145,557 6,028,549
Postretirement benefits 565,349 544,456
Other liabilities 243,186 251,607
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13,080,782 13,275,530
Minority interest 554,886 553,527
Stockholders' Equity 5,608,212 5,606,138
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$19,243,880 $19,435,195
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Net Debt (Unaudited)
Net Debt represents gross debt less cash, short-term investments
and fixed income investments, held to maturity. Details of the Net
Debt follows:
(Stated in millions)
First Quarter 2003
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Net Debt, beginning of period $(5,021)
Net income 149
Depreciation and amortization 387
Change in working capital (490)
Capital expenditures (274)
Dividends paid (109)
Employee stock option plan 3
Other 116
Translation effect on net debt (79)
--------
Net Debt, end of period $(5,318)
========
(Stated in millions)
Components of Net Debt Mar. 31, 2003 Dec. 31, 2002
----------------------------------------------------------------------
Cash & short-term investments $ 1,470 $ 1,736
Fixed income investments, held to
maturity 380 408
Bank loans and current portion of
long-term debt (1,023) (1,136)
Long-term debt (6,145) (6,029)
-------- --------
$(5,318) $(5,021)
======== ========
Business Review
(Stated in millions) First Quarter
-----------------------
2003 2002(2) % chg
-----------------------
Oilfield Services
-----------------
Operating Revenue $1,977 $1,903 4%
Pretax Operating Income(1) $ 315 $ 307 3%
WesternGeco
-----------
Operating Revenue $ 307 $ 385 (20)%
Pretax Operating Income(1) $ - $ 47 -%
SchlumbergerSema
----------------
Operating Revenue $ 793 $ 706 12%
Pretax Operating Income(1) $ 15 $ 1 -%
Other(3)
--------
Operating Revenue $ 342 $ 320 7%
Pretax Operating Income(1) $ 3 $ (3) -%
1) Pretax operating income represents income before taxes and minority
interest, excluding interest income, interest expense and
amortization of intangibles.
2) The first quarter of 2002 excludes an aggregate $30 million charge
related to the financial/economic crisis in Argentina.
3) Principally comprises the Cards, Terminals, Meters North America
and NPTest activities.
Oilfield Services (Excluding WesternGeco) First quarter Oilfield Services revenue of $1.98 billion decreased 1% sequentially, but increased 4% year-on-year. This contrasted with M-I rig count growth of 12% sequentially and 11% year-on-year. Pretax operating income of $315 million rose 14% sequentially and 3% year-on-year. Savings from restructuring programs initiated in Europe and Africa the previous quarter and the recovery following the storms in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , coupled with exceptional growth in Drilling & Measurements contributed to the sequential increase. North America Revenue in North America increased 8% sequentially and 6% year-on-year to $595 million. M-I rig count growth of 22% sequentially and 19% year-on-year did not substantially impact onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. revenue growth due to the natural lag effect and 'trough' pricing, particularly in pressure pumping. Offshore, Wireline and Drilling & Measurements achieved double-digit sequential increases in Gulf of Mexico revenues versus a reduced rig count. Pretax operating income of $73 million showed a healthy 30% sequential growth, but decreased 9% year-on-year. The sequential improvement was primarily related to the colder than usual winter weather, which propelled the high seasonal upswing Upswing An upward turn in a security's price after a period of falling prices. in Canada, where rig count rose 68% sequentially and 18% year-on-year, coupled with improved offshore performance. Premium technology offerings in cementing also contributed to the results, and PowerDrive(*) rotary Rotary can refer to:
v. steered, steer·ing, steers v.tr. 1. To guide by means of a device such as a rudder, paddle, or wheel. 2. a. To direct the course of. activity was particularly strong on deepwater delineation projects due in part to this technology's capacity for real-time transmission of MWD/LWD information. Reflecting the growing demand for Integrated Project Management services, Schlumberger signed a 20-year performance-based production management agreement with Dunhill Exploration and Production, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to manage operations and maintenance of fields acquired by Dunhill in the Gulf of Mexico and US lower 48 states. Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. Revenue of $290 million decreased 17% sequentially and 11% year-on-year, in contrast to the M-I rig count increase of 1% sequentially and 4% year-on-year. Overall results were largely impacted by the ongoing political turmoil in Venezuela, which also drove the country's rig count down 43% sequentially and 56% year-on-year. Pretax operating income of $34 million decreased 34% sequentially and 14% year-on-year. The declines in Venezuela were partially mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by sustained growth in offshore and onshore activity in Mexico, where the rig count increased 15% sequentially and 55% year-on-year in response to higher domestic demand for natural gas and light oil, which is spurring PEMEX's commitment to develop its national resources. Reflecting this trend, PEMEX Pemex officially Petróleos Mexicanos Mexico's state-owned oil company. In 1938 Pres. Lázaro Cárdenas nationalized 17 foreign oil companies to create Pemex, the largest Latin American petroleum company and a major world exporter of fossil fuel. awarded Schlumberger a four-year, $500 million integrated oilfield services project in partnership with ICA Ica (ē`kä), city (1993 pop. 108,724), capital of Ica dept., SW Peru, on the Pan-American Highway. It is a commercial center for the cotton, wool, and wine produced in the region. There are several summer resorts nearby. Fluor Daniel; a two-year $60 million information management solution contract which is shared with SchlumbergerSema and representative of the future direction for its Energy IT services offering; and an IndigoPool project to host multiple service contract data rooms. Europe/CIS/West Africa Revenue of $588 million decreased 1% sequentially and increased 6% year-on-year, outpacing the M-I rig count, which dropped 2% sequentially and 11% year-on-year. Pretax operating income of $100 million showed a healthy 54% sequential and 2% year-on-year increase primarily due to generally improved GeoMarket activity, as well as savings generated from restructuring efforts. The Russia, West & South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. and Scandinavia GeoMarkets recorded the strongest revenue growth both sequentially and year-on-year, with increased demand for fracturing and completions services especially strong in Russia. North Sea activity benefited from premium technology and superior service quality. In particular, PowerDrive rotary steerable systems A rotary steerable system is a new form of drilling technology used in directional drilling. It employs the use of specialized downhole equipment to replace conventional directional tools such as mud motors. not only doubled operating performance but were available for short-notice deployment in response to increasing client needs. Contract wins during the quarter included the renewal of the Shell Europe and North Sea agreement for Drilling & Measurements and Wireline, a three-year contract that is valued at approximately $200 million with an option to renew. Middle East & Asia Despite the war in Iraq and relative softness across Asia, revenue of $489 million showed a modest 4% sequential growth, and robust 10% year-on-year increase, outpacing the M-I rig count, which rose 1% sequentially and 6% year-on-year. Settlement of revised contract pricing improved revenue by $9 million. Pretax operating income of $116 million remained flat sequentially but increased 11% year-on-year. Operations in the Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , India and Australia GeoMarkets
showed improved revenue both sequentially and year-on-year. There was
high demand for Well Services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of , Drilling & Measurements and,
particularly, Wireline technologies, which showed very strong growth
across the entire area. This was partially offset by reduced activity in
Brunei, Malaysia and the Philippines.New technologies deployed in China during the quarter included the Q-Borehole system. Run on the Yumen field in an offset vertical seismic profile In geophysics, Vertical Seismic Profile (VSP) is a technique of borehole seismic measurements used for correlation with surface seismic data. Hydrophones in the borehole record reflected seismic energy originating from a seismic source at the surface. application, the results were processed in real time at the well site and identified the proximity of granite granite, coarse-grained igneous rock of even texture and light color, composed chiefly of quartz and feldspars. It usually contains small quantities of mica or hornblende, and minor accessory minerals may be present. formations that enabled the client to review and change drilling plans accordingly. Highlights -- Slavneft activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. a master services agreement covering well construction and production enhancement. Schlumberger will be directly involved in a horizontal and directional drilling Directional drilling (sometimes known as slant drilling outside the oil industry) is the science of drilling non-vertical wells. Directional drilling can be broken down into three main groups: Oilfield Directional Drilling, Utility Installation Directional Drilling (commonly program; and will also provide the full range of reservoir stimulation and production enhancement services for new and existing wells. -- The Kuwait Oil Company awarded Schlumberger a five-year contract for an enterprise-wide integrated solution with secure, single point portal access. -- Yukos awarded NExT - a joint venture between Schlumberger, Heriot her·i·ot n. A tribute or service rendered to a feudal lord on the death of a tenant. [Middle English, from Old English heregeatu : here, army; see koro- Watt, Texas A&M University and the University of Oklahoma - a Skills Assessment contract to build skills matrices, assessment tools, perform assessments and prepare a training plan based on identified skills gaps. -- ChevronTexaco is partnering with Schlumberger for well completion and productivity activities related to development of five new strategic ultra high pressure projects in Tahiti - covering subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". intervention A procedure used in a lawsuit by which the court allows a third person who was not originally a party to the suit to become a party, by joining with either the plaintiff or the defendant. , surface well test, drill stem testing, tubing conveyed perforating, downhole permanent pressure monitoring and formation isolation valve. -- Schlumberger established its new Global Drilling Technology Center in the UK as the company's base for drilling technology development programs. WesternGeco Revenue of $307 million decreased 8% sequentially and 20% year-on-year. Pretax operating income broke even for the quarter, but included a $7 million provision for a contract loss in Mexico. Flat multiclient sales and declines in other product lines contributed to the year-on-year revenue results, while sequential results were impacted by strong land activity in Alaska, Mexico and Africa GeoMarkets; flat data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a activity; and decreased multiclient and marine sales. Including multiclient pre-commitments, total backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the first quarter of 2003 stood at $325 million. The marine seismic backlog stayed relatively strong in the Asia/Pacific, and the North Sea firmed up with Q capacity almost fully booked for the 2003 season. Both the land and data processing backlog remained strong, the former predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. in the Middle East. Pricing across all business segments remained flat for conventional marine, land and data processing activity. However, Q-Marine continued to command significant pricing premiums as a result of the added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cost savings are in the order of $200 million. During the quarter, Statoil awarded WesternGeco a contract for the world's first 4D Q-Reservoir(*) survey on the Norne Field; and other wins included two significant contracts for Q technology in Angola and Norway. SchlumbergerSema Revenue of $793 million in the first quarter decreased 2% sequentially, but increased 12% year-on-year. The year-on-year improvement was mainly due to the strengthening of European currencies again the US dollar and the continuing growth of the UK public sector favored by the development of e-government projects. The sequential decrease was principally related to the first quarter seasonal slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in IT services spending, partially offset by the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affect of the strengthening of European currencies against the US dollar. Pretax operating income of $15 million decreased $18 million, or 55%, sequentially mainly due to lower activity resulting from seasonality, lower daily rates in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). , the depressed IT industry in France and the decline in telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. activity in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . However, the $14 million year-on-year increase reflected the significant cost reduction programs carried out in 2002, particularly in North & South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Asia, combined with a release of employee-related provisions of $7 million. Revenue in the global energy segment increased 15% year-on-year to $190 million demonstrating the renewed focus that SchlumbergerSema brings to the market by combining systems integration skills, network and infrastructure capabilities, and Schlumberger global reach and sector knowledge. The opportunities generated by this combination include the recent contract awards by PEMEX, Hafslund and HubCo. Europe, Middle East and Africa Revenue of $605 million declined 8% sequentially, but increased 14% year-on-year. The year-on-year revenue increase came mainly from the UK, France and the Mediterranean, and reflected the favorable impact of European currencies appreciating 9% overall against the US dollar; as well as significant new public sector contracts in the UK. The sequential revenue decline was mainly due to seasonality, a lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" telecommunications environment and a one-time sale related to the development of a call center for the UK Department of Works & Pension (DWP DWP Department of Work and Pensions (UK) DWP Drinking Water Program DWP Dynamic Weapon Pricing (gamin, Counter-Strike: Source) DWP Department of Water & Power DWP Drinking Water Protection ) in the fourth quarter of 2002. Pretax operating income of $13 million decreased 79% sequentially and 63% year-on-year. The sequential decline was mainly attributable to overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. in the IT services industry in France, and consequently, low daily rates which dropped by more than 15% during the quarter. Also contributing to the decline was a weak utilization ratio in Systems Integration projects, which were 2% to 3% lower than optimal, and the lower activity and profitability in the telecommunications industry in Germany and the Mediterranean. North and South America Revenue of $136 million increased 9% sequentially, but decreased 7% year-on-year mainly due to the weak IT spending environment, primarily in the telecommunications industry, as clients revise their budget outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. downwards and postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. decisions on major contracts. Pretax operating income of $4 million increased $15 million from a loss of $11 million sequentially, and $21 million from a loss of $17 million in the same period last year. Despite revenue decreasing year-on-year, pretax operating income increased mainly due to extensive cost reduction programs carried out in North America throughout 2002, and the release of employee-related cost accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. . Asia Revenue of $53 million decreased 9% sequentially, but increased 4% year-on-year mainly due to increased activity on systems integration projects in Japan. The sequential decline was due to the traditional seasonality in the IT service industry coupled with the SARS effect starting to delay projects due to contingency plans A plan involving suitable backups, immediate actions and longer term measures for responding to computer emergencies such as attacks or accidental disasters. Contingency plans are part of business resumption planning. and travel restrictions. The energy segment showed strong growth with year-on-year activity climbing 16%. Pretax operating income of $11 million increased $14 million from the loss of $3 million sequentially, and $7 million from $4 million year-on-year. The sequential pretax operating income increase was primarily due to the release of employee-related cost accruals in the quarter. The year-on-year improvement was mainly due to the benefits of the cost cutting program implemented last year. Highlights -- Hafslund, one of Norway's largest energy providers, signed a five-year, $10 million contract for SchlumbergerSema to develop and implement a customer support information and supplier change system. -- Statoil ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and contracted SchlumbergerSema to provide its DeXa.Touch(*) IT service desk solution to support operations in Sweden, Denmark and Norway. -- KMD KMD Kazaa Media Desktop KMD Kiss Me Deadly (band) KMD Kausing Much Damage (hip hop) KMD Komodo Manchester Debugger KMD Knock Me Down KMD Kazaa Movie Database KMD Key Management Device KMD Kernel Model Driver selected SchlumbergerSema to provide customer care and billing solutions for Hovedstadens Natur Gas (HNG) and Naturgas MidtNordt, which hold two-thirds of the total natural gas market in Denmark. -- HubCo, Germany's first-ever natural gas trading hub, contracted SchlumbergerSema to provide its IT framework, including hardware, software and infrastructure hosting. -- Kuwait Oil Company contracted SchlumbergerSema to develop an enterprise-wide, integrated information solution that includes GeoQuest software and services, an information lifecycle solution, and business and knowledge management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects . -- Dallas County, Texas Dallas County is a county located in the U.S. state of Texas within the Dallas-Fort Worth-Arlington metropolitan area (colloquially referred to as the Dallas/Fort Worth Metroplex). As of the 2000 U.S. Census, the county had a population of 2. , awarded a $40 million, five-year contract to SchlumbergerSema to provide comprehensive IT outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. support via the DeXa(*) Suite of Services. Other Revenue for Volume Products of $202 million decreased 22% sequentially, but improved 1% year-on-year. The year-on-year improvement was mainly due to a 7% growth in mobilecom cards principally in North America and Europe, offset by a decline in parking terminals due to the exceptional Euro currency retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in program that extended into early 2002. The sequential decrease reflected the seasonal drop in mobilecom activity, following telecommunications operators' traditional Christmas campaigns coupled with reduced activity in prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. phone
cards.Revenue for NPTest of $59 million increased 20% sequentially and 3% year-on-year. The sequential increase reflected improvements in Test Systems sales, including renewed activity from its customer base and penetration into new customers in the US and Asia. NPTest book-to-bill remained above industry averages. About Schlumberger Schlumberger is a global oilfield and information services See Information Systems. company with major activity in the energy industry. The company employs 78,000 people of more than 140 nationalities working in 100 countries and consists of three business segments. Schlumberger Oilfield Services Schlumberger Oilfield Services, a division of Schlumberger Limited, is the world’s largest supplier of exploration and production (E&P) services, solutions and technology to the international petroleum industry. is the world's premier oilfield services company supplying a wide range of technology services and solutions to the international oil and gas industry. SchlumbergerSema is a leading supplier of IT consulting, systems integration, and network and infrastructure services to the energy industry, as well as to the public sector, telecommunications and finance markets. WesternGeco, jointly owned with Baker-Hughes, is the world's largest surface seismic company. In 2002, Schlumberger revenue was $13.5 billion. For more information, visit www.slb.com. (*) Mark of Schlumberger Supplemental information in the form of a question and answer document on this earnings release is available on the Schlumberger website at http://www.slb.com/ir. |
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