The Big three oilfield services (OFS) companies will likely report higher profits for the second quarter as resurgent demand in international markets and strong offshore drilling helped counter tepid activity in North America.Baker Hughes, Halliburton, and SLB are set to post a combined second-quarter adjusted profit of $2.04 billion, according to Refinitiv data, compared with $1.27 billion in the year-ago quarter…
Oilfield services and technology firm Baker Hughes has won an order by Black & Veatch, a subcontractor to the JGC and Samsung Heavy Industries consortium, to deliver two LM9000-driven compressor trains for the Petronas nearshore liquefied natural gas facility in Sabah…
Offshore exploration and production (E&P) capital expenditures (capex) will shake off the pandemic-induced declines of the past two years and rebound by 20% in 2022, reaching a total $165 billion spent on exploration, wells, and facilities (Figure 1)…
Petra Energy Berhad has secured a contract extension with Petronas for production, operation, and maintenance services at the Banang offshore oil field. The agreement runs until August 6, 2024. Its scope under the extension includes the provision of production…
Saudi Arabian national oil company Saudi Aramco saod Tuedsay it had signed signed 59 corporate procurement agreements (CPAs) with 51 local and global manufacturers, including oilfield services majors Baker Hughes, Halliburton, SLB, and TechnipFMC…
Abu Dhabi National Oil Company (ADNOC) on Tuesday announced the award of three framework agreements valued at $4 billion (AED14.68 billion) for integrated drilling fluids services (IDFS) to support the ongoing expansion of its 'lower cost and…
Chinese offshore drilling contractor China Oilfield Services Limited (COSL) said Monday it had recently signed several long-term drilling rig service contracts in the Middle East. The contracts are worth around RMB14 billion (~$1,92 billion) in total…
Oilfield services company Baker Hughes has appointed Nancy Buese as Chief Financial Officer effective November 2, 2022. 'Buese brings more than 30 years of financial and leadership experience to the role, previously serving as EVP & CFO of…
Baker Hughes Co posted a quarterly loss on Wednesday, compared with a profit a year ago, hit by $230 million in restructuring and impairment charges relating to the oilfield services provider's latest reorganization. The company during the recent…
Arabian Drilling Company, a Saudi oilfield services firm, said on Tuesday it will price its initial public offering at 100 riyals a share and is set to raise 2.67 billion riyals ($710.58 million).The final price is at the top end of a price range announced last month…
Abu Dhabi National Oil Company (ADNOC) on Wednesday announced the award of five framework agreements valued at $1.83 billion (AED6.72 billion) for Directional Drilling and Logging While Drilling (LWD).According to ADNOC, the deals are the largest…
Chinese companies CMIC and CTW (Tianjin) Offshore Engineering (CTW) on July 18 signed an agreement for strategic cooperation and supply of four liftboat jacking systems to CTW.'The strategic cooperation framework provides the basis of cooperation for the construction of liftboats…
Top oilfield services firm Schlumberger reported a higher first-quarter profit on Friday and increased its dividend by 40%, as rising oil prices boosted demand for services and equipment.Oil prices climbed to their highest in more than a decade…
U.S. oilfield services companies Halliburton and Schlumberger said on Friday they have suspended or halted Russia operations in response to U.S. sanctions over Moscow's invasion of Ukraine.The disclosures followed widespread departures by energy…
Oilfield services giant Petrofac said Wednesday that Abu Dhabi National Oil Company (ADNOC) had lifted the suspension of the company imposed in March 2021.Abu Dhabi-based oil and gas giant ADNOC had suspended oilfield services firm Petrofac…
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