Schlumberger Ltd. (SLB), the world's largest oil field services provider, named Paal Kibsgaard chief operating officer, to oversee the day-to-day operations of the company.

Kibsgaard, 42, will begin the new job immediately. He previously served as the president of the Reservoir Characterization Product Group, a key profit center for the company.

"Paal's track record, consisting of significant industry experience combined with technical and management roles within Schlumberger, gives me complete confidence in his ability to manage and grow all aspects of our operations," Andrew Gould, Schlumberger's chairman and chief executive, said in a news release.

Kibsgaard's promotion will allow Gould to focus on the company's strategic issues, Bill Herbert, an analyst with the Houston-based energy investment bank Simmons & Co., wrote in note to clients on Monday. Herbert added that Kibsgaard is "widely viewed as the favorite to eventually assume Mr Gould's CEO responsibilities."

-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com

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