Global oilfield services giant SLB has unveiled strong quarterly profits, as revenues grew across all divisions and geographical areas, with robust service activity offshore and in the Middle East.

The company, formerly known as Schlumberger, reported net profits of $1.07 billion in the fourth quarter of 2022, up 77% from a net income of $601 million in the same period a year ago and up 17% on the immediately preceding quarter.

Fourth-quarter net revenues increased 27% year on year, to $7.88 billion, owing to strong end-of-year sales in digital.

SLB reported a revenue increase in the double digits in the Middle East, with growth in Saudi Arabia, Iraq and the United Arab Emirates, while offshore activity continued to strengthen, although it was partially offset by seasonality in the Northern Hemisphere.

“Looking ahead, we believe the macro backdrop and market fundaments that underpin a strong multi-year up cycle for energy remain very compelling in oil and gas and in low-carbon energy resources,” SLB chief executive Olivier Le Peuch said.

Oil and gas demand is forecast to grow by 1.9 million barrels per day in 2023, despite concerns for a potential economic slowdown in certain regions, according to the International Energy Agency.

“Global upstream spending projections continue to trend positively. Activity growth is expected to be broad-based, marked by an acceleration in international basins. These positive activity dynamics will be amplified by higher service pricing and tighter service sector capacity,” Le Peuch added.

SLB also announced annual net profits were up 83% from $1.88 billion in 2021 to $3.44 billion in 2022. Annual net revenues rose 23% to $28.1 billion.

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