SLB Ltd. expects the international offshore oil and natural gas industry to surge through this decade, CEO Olivier Le Peuch said Friday.

The No. 1 oilfield services company saw its highest year/year revenue growth in three years in the second quarter of 2023, even amidst a cooling of activity in its North America exploration and production segment.

“Second quarter revenue increased by more than 20% year-on-year in 14 of our 25 international geo-units. Most notably Saudi Arabia, United Arab Emirates, Mexico, Guyana, Brazil, Angola, Caspian and India all grew more than 30% over this period,” Le Peuch said in a second quarter earnings call with investors. “SLB’s global reach shields us from regional fluctuation as we have recently seen in North America, and gives us the...