Service Firms Continue Middle East Growth Despite Iraq Unrest

International oil services firms’ revenue continues to grow worldwide, with significant assistance from Middle East operations - most notably in Saudi Arabia - despite the current turmoil in Iraq.

The three firms to have reported results for the second quarter - Halliburton, Schlumberger and Baker Hughes – built on strong first quarter growth (MEES, 25 April) to each post first half revenue numbers up between 7-9% on a year earlier. All reported even stronger double-digit growth figures for their ‘Middle East and Asia’ operations (see table).

Increased drilling in Saudi Arabia boosted Halliburton to record quarterly revenue for the region. CFO Mark McCollum says that Halliburton is “very excited” about the Middle East market as it “continue[s] to see revenue and profitability improving at a very aggressive rate.”


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