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Schlumberger to Lease Equipment to Bayat Energy in Afghanistan

Shares of oilfield services company Schlumberger ended higher on Wednesday. The company ended a two-day conference on a high note - Schlumberger expects new technology to account for more than 25% of its revenue by 2017 and that its earnings will reach between $9 and $10 a share. Schlumberger will lease equipment to oil and gas exploration and production giant Bayat Energy. In Bayat's announcement about the deal, the company said the equipment will be used exclusively in Afghanistan. Schlumberger executives say they are

on high alert in Iraq and that if the situation continues to worsen it does present a risk. Schlumberger says it remains confident however that it has other ways to reach its earnings targets.