April 22, 2016 / 1:57 PM / 2 years ago

Schlumberger warns of "significant" revenue drop amid oil slump

April 22 (Reuters) - Schlumberger Ltd said it expected a “significant” fall in second-quarter revenue as it scales back operations in Venezuela due to payment problems, and a prolonged slump in oil prices continues to keep activity subdued.

Chief Executive Paal Kibsgaard warned of a “sequential percentage fall in revenue in Q2 similar to what we saw in Q1.”

The world’s No.1 oilfield services provider reported a 16 percent fall in first-quarter revenue from the prior quarter.

The forecast excludes revenue added by Cameron International Corp’s acquisition, which Schlumberger closed earlier this month, Kibsgaard said. (Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D’Silva)

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