Schlumberger Ltd., (NYSE:SLB) the world’s largest oilfield-services provider reported Friday a 2008 revenue of $27.16 billion versus $23.28 billion in 2007.

Despite this increase, the company reported a lower fourth-quarter profit and amid grim forecasts for 2009 additional layoffs. Schlumberger job cuts will be due to “the continuing slowdown in oil and gas exploration and production spending and its effect on activity in the oilfield services sector”. 5,000 jobs are at stake or a 5.7 percent of Schlumberger’s total workforce.

The company is also warning of a tough 2009 ahead: “We expect 2009 activity to weaken across the board with the most significant declines occurring in North American gas drilling, Russian oil production enhancement and in mature offshore basins. Exploration offshore will be somewhat curtailed but commitments already planned are likely to be honored. Seismic expenditures particularly for multiclient data are likely to decrease from last year. Pricing erosion will compound these effects on revenue.” All in all a rather dull outlook of what is lying ahead.

About Schlumberger

Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 87,000 people representing over 140 nationalities and working in approximately 80 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.

Image by nataliemaynor under Creative Commons.