Today, Schlumberger Limited (Symbol: SLB) announced earnings and they beat Wall Street’s expectations.

The world’s largest oil service company had 2nd quarter profits increase by 47% thanks to its exposure in international markets. The market expected 96 cents per share and Schlumberger delivered $1.02 cents per share.

Shares closed 3.46% higher at $96.68—up $3.23 on the day.

As was expected, Schlumberger cautioned investors that the visibility in the North American market would remain cloudy in the short-term.

The driving factor for the increase was the increased pace of activity in the international markets, Schlumberger Chairman and CEO Andrew Gould said.

Revenue growth was up everywhere except North America and there was a significant downturn in Canada, Gould said.

Even with North America not helping much in the revenue equation, Schlumberger had $5.64 billion in revenue this quarter—a gain of nearly one billion from the same quarter last year.

WesternGeco—Schlumberger’s seismic unit—also experienced good growth. It’s up 18% year-on-year with $665 in revenue.

Schlumberger shares are up 48.7% in 2007.