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Schlumberger: profit up, names new chief executive

( - Schlumberger, the world's largest oilfield services company, posted higher profit on Friday and named Olivier Le Peuch, a company veteran, as its chief executive.

Second-quarter profit grew by 14% to 492 million dollars, Schlumberger said, despite revenue falling 0.5%.

Looking ahead, the Houston-based company said oil demand forecast for 2019 has been reduced slightly on trade war fears and current global geopolitical tensions.

However, Schlumberger does not anticipate a change in the structural demand outlook for the mid-term.

"The increasing international market investment and a reduction in North America land capex represent a positive market shift for Schlumberger," it said.

The group said it has named Olivier Le Peuch as its chief executive officer, succeeding Paal Kibsgaard, who will retire in August after more than 22 years with the company, including eight years as CEO.

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