Schlumberger CEO: Company Doesn't Anticipate Recovery From Downturn Until 2017

From NGI:
Schlumberger Ltd., the world's largest oilfield services operator and industry bellwether, delivered somber third quarter results, with CEO Paal Kibsgaard warning that the worst isn’t over. 
During a lengthy conference call Friday morning, Kibsgaard said the fourth quarter now "looks challenging and visibility had actually dropped in the past month or two...We also expect rig activity in North America land to be down in the fourth quarter because of the financial stress on many of our customers there, and we expect very limited year-end sales of product, software and multiclient…” 
The first quarter actually looks like it’s going to be worse than the last three months of this year. 
Schlumberger's macro view "has not changed in terms of a tightening supply and demand balance and an expected improvement in oil prices," but "we have to factor in that the likely recovery in our activity levels now seems to be a 2017 event."
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