The group's net earnings of US$149 million translated to 26 cents per share, which it said was a 7% decrease on last year's 28 cents earnings per share last year.

Oilfield Services revenue of US$1.98 billion decreased 1% versus the fourth quarter of 2002, but increased 4% compared to the first quarter of last year. Pretax operating income was $315 million, increases of 14% sequentially and 3% year-on-year.

WesternGeco revenue of US$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.

Schlumberger Chairman and CEO Andrew Gould said "the WesternGeco restructuring 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."

"Oilfield Services in North America 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," he said.