Schlumberger Limited (SLB) says reduced activity in Namibia and other deepwater markets weighed on its second-quarter 2025 results, with revenue up 1% from the previous quarter but down 6% year on year at US$8.55 billion.
Net income attributable to SLB rose 27% quarter on quarter to US$1.01 billion, though it was 9% lower compared to the same period in 2024.
Chief Executive Officer Olivier Le Peuch acknowledged the impact of the Namibian slowdown, saying: “The Namibia effect is an outcome of a long period of appraisal and exploration success that is now going into a deep learning and decision phase for the way forward.”
Revenue in Europe and Africa increased 6% sequentially to US$2.37 billion, supported by strong demand in North Africa and Nigeria, but this was offset by reduced offshore drilling, evaluation and stimulation activity in Namibia.
Well Construction revenue, which includes Namibian operations, was flat at US$2.96 billion, as gains in Iraq and Nigeria balanced declines in Namibia, North America and Saudi Arabia.
Despite these pressures, Le Peuch said he remained positive about the outlook for the region.
“I will not try to overreact to the Namibia temporary effect, but I am more excited about what I see in Africa and the Americas, with advantaged projects expected to reach final investment decisions by mid-2026,” he said.
Production Systems continued to perform strongly, generating US$3.04 billion in revenue, a 3% increase from the previous quarter and its 17th consecutive quarter of year-on-year growth. Le Peuch noted that customers were focusing on efficiency and asset recovery.
“In today’s capital-disciplined environment, customers are focused on maximising the value of their assets while improving efficiency in the production phase of their operations,” he said.
Looking ahead, SLB expects global upstream markets to remain steady despite selective adjustments.
“Overall, I am confident that SLB’s differentiated technology and global footprint will continue to deliver positive results for our customers and shareholders,” Le Peuch added.
SLB is one of the world’s largest oilfield services companies, which provides technology, integrated project management and information solutions to the oil and gas industry, supporting exploration, drilling, production and processing activities.
SLB operates across more than 100 countries, including Namibia, where it has offices to support offshore and onshore exploration and development work.
