Schlumberger also announced fourth-quarter operating revenue of $US3.4 billion, which was 7% below the 2001 fourth-quarter result. Profit from continuing operations before charges was $145 million, 17% below 2001.

Schlumberger said the fourth quarter confirmed its third-quarter expectations that oilfield activity would continue to slowdown. "Political uncertainty in the Middle East, the strike in Venezuela, and reduced oil company investment in Europe and Africa all contributed to make the business environment in 2002 progressively more difficult," the company said.