Schlumberger said a recovery in international oil markets was under way, forecasting double digit growth in its biggest segment next year as higher oil prices support more expensive drilling projects.

The Houston-based company, a bellwether for the oilfield services industry, has benefited from increased production in North American shale fields, but has struggled to see improvements in international markets since oil prices crashed in mid-2014.

Brent crude futures, the global benchmark, topped $80 a barrel in the second quarter, its strongest level in roughly three and a half years amid an effort by major oil producers to cut production and stabilise prices and supply disruptions.

Revenue from Schlumberger’s international business dipped 1.4 per cent year-over-year to $5.07 billion, but rose 4 per cent sequentially.

"The broader-based recovery has finally started," chief executive officer Paal Kibsgaard said.

He expects the company’s international business to be fully mobilised by the fourth quarter of this year and forecast double digit growth for that segment next year.

"This is what people have been looking for - the inflection in the international business. It is starting to materialize now," said Societe Generale analyst Edward Muztafago, referencing the firm’s sequential growth.

Revenue from Schlumberger’s North America operations jumped about 43 per cent to $3.14 billion.