The Houston-based oil company, which helps drillers pull oil and gas from the ground, was hit hard this year as crude prices sagged and drilling companies idled half of their rigs in the U.S.

Schlumberger Ltd. on Friday reported net income of $787 million, or 65 cents per share, for the third quarter. Analysts expected 63 cents per share. Its rival Halliburton Co. reported a 61 percent drop in third-quarter profits last week.

Schlumberger's revenue fell 25 percent, to $5.43 billion, missing analyst estimates of $5.48 billion.

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