The head of oilfield services (OFS) giant Schlumberger Ltd. said the company is “seizing the beginning of the upcycle,” with international activity expected to lead growth — and North America set to moderate — in the continued recovery from Covid-19.

On the 2Q2021 earnings call with investors Friday, CEO Olivier Le Peuch said that while the rise of the Covid-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, recent market projections continue to affirm an improving global economic outlook.

“Global GDP growth is now expected to approach 6% in 2021 and more than 4% in 2022, which will continue to drive a progressive recovery of oil demand,” the CEO told analysts on the second quarter 2021 earnings call held Friday.

This...