The world's biggest oilfield services company Schlumberger saw its net income and revenue increase in the fourth quarter of 2017, according to the firm's financial results released on Friday.
Revenue rose by 15 percent to $8.18 billion in the final quarter of last year, from $7.11 billion the same period in the previous year.
Net income rose to $668 million in the October-December period of 2017, from $379 million in the fourth quarter of 2016 -- a 76 percent increase.
'Looking at the oil market, the strong growth in demand is projected to continue in 2018, on the back of a robust global economy,' said Schlumberger Chairman and CEO Paal Kibsgaard in a statement.
'In North America, 2018 shale oil production is set for another year of strong growth, as the positive oil market sentiments will likely increase both investment appetite and availability of financing,' he added.
After announcing the financial results, Schlumberger saw its shares open at $75.00 in the U.S. stock market on Friday. The company's stock price gained 2.9 percent to as high as $77.18 per share before losing some of its gains.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr