Top oilfield services provider Schlumberger Ltd. reported a 19.8% fall in quarterly profit on April 18, hit by weak demand for its equipment and services from oil producers under pressure to rein in spending.

Schlumberger said net income fell to $421 million, or 30 cents per share, in the three months ended March 31, from $525 million, or 38 cents per share, a year earlier.

Revenue rose to $7.88 billion from $7.83 billion.