Schlumberger Sees 'Challenging' Global Oil Market Continuing
- Services company sees market downturn as the worst in decades
- Drilling activity rebound will lag any oil price improvement
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Three months ago, the head of Schlumberger Ltd. thought the industry had seen the worst of the U.S. oil rout. Not anymore.
Chief Executive Officer Paal Kibsgaard said in July that a recovery might begin by the end of the year. Now it looks like it will be 2017 before a recovery kicks in, Kibsgaard said in a conference call with analysts Friday after Schlumberger reported a 49 percent drop in third-quarter profit.