Oil and Gas

Schlumberger quarterly profit surges 88%

A oil rigger at the Schlumberger field prepares pipes in Midland, Texas on December 16, 2008.
Kirk McKoy | Los Angeles Times | Getty Images

The world's largest oilfield services provider Schlumberger reported an 88 percent rise in quarterly profit on Friday as rising crude oil prices encouraged its North American clients to ramp up spending.

Net profit attributable to Schlumberger rose to $525 million, or 38 cents per share, in the first quarter ended March 31, from $279 million, or 20 cents per share, a year earlier.

Revenue rose to $7.83 billion from $6.89 billion.