By Alison Sider
Schlumberger is winding down its work in Iran but said in a
securities filing Wednesday that it earned $98 million in revenue
there during the first quarter of the year.
The company earned net income of $56 million in Iran during the
quarter.
Schlumberger provides oilfield services to the National Iranian
Oil Company through certain non-U.S. subsidiaries, but has said it
plans to discontinue its operations in Iran this year. The company
said it hasn't bid on new contracts related to petroleum production
in Iran since March 2009.
Iran accounts for a small portion of the nearly $10.7 billion in
revenue that Schlumberger reported earning world-wide in the first
quarter. Schlumberger earned $2.5 billion in revenue in the Middle
East and Asia.
Under a law passed last year, companies that do business in Iran
have to disclose certain information about their activities there
in a special filing to the Securities and Exchange Commission. This
is Schlumberger's second such disclosure. In February, the company
said that during 2012, it earned $208 million in profit on $418
million in revenue in Iran.
Schlumberger said in the filing that its activity in Iran
includes dealings with the country's government that are
"incidental to operating in Iran," such as paying taxes and
government fees as well other routine expenses.
Write to Alison Sider at alison.sider@dowjones.com
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