Schlumberger Ltd. (SLB) said Friday it expects international demand for its oil services to continue growing amid increases in Latin America and Libyan oil production.

Despite the uncertainty surrounding global financial markets, oil consumption will stay positive as oil companies try to increase their reserves and new production fields are developed, said Andrew Gould, chairman of the Schlumberger board of directors. "Absent a deep cut in global oil demand, there's no reason to suppose that international activity will not remain robust," Gould said during a call with investors. "So far the signs of a demand drop are not particularly powerful."

Despite the optimism, Schlumberger, the world's largest oil-field services company, reported on Friday a profit of $1.3 billion, or 96 cents a share, down from $1.73 billion, or $1.34 a share, a year earlier. The latest period included a 2 cent per-share charge related to merger and integration costs. Analysts polled by Thomson Reuters had forecast earnings of $1.01 a share.

The sales of services to Latin America continue to grow, with Schlumberger expecting to have 64 offshore rigs in Brazil by the end of this year. The company also continues to send offshore rigs to Mexico and provide technology for shale rock formation drilling in Argentina.

In the Middle East, Schlumberger said drilling activity will resume in Libya in the fourth quarter after a civil war that broke out there earlier this year succeeded in toppling leader Moammar Gadhafi Thursday. The interruption cost Schlumberger 1 cent a share in third quarter earnings, company chief executive Paal Kibsgaard said.

In North America, Schlumberger expects strong growth in Canada and the Gulf of Mexico. Oil production in shale basins has increased to the point where Schlumberger has moved to 24-hour operations from 12 hours operations in the previous quarter, Kibsgaard said.

"While financial turmoil introduces some uncertainty, it has yet to have an impact on actual activity of our customers," Kibsgaard said.

-By Ben Lefebvre, Dow Jones Newswires; 713-547-9201;

ben.lefebvre@dowjones.com

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