Schlumberger Ltd. (SLB) will increase capital spending by $400 million as the demand outlook brightens for oilfield services in international markets.

"International margins appear to have bottomed and are likely to resume a positive trend from now on, absent any exceptional circumstances," Andrew Gould, chief executive of Schlumberger, said during a conference call to discuss the company's first quarter earnings. Gould had previously forecast that international margins would reach a bottom during the second quarter of 2010.

However, Gould was less optimistic about the North American market, where drilling activity and demand for services has increased. He said domestic oil drilling and the exploitation of onshore shale natural gas fields will help maintain activity through the second quarter.

"Beyond that, the picture is less clear," Gould said, adding that natural gas prices and natural gas market fundamentals "remain uncertain."

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