Service Firms Retrench Despite Record Mideast Takings

The world’s three largest oil services firms all reported record Mideast revenue for 2015. But leaner times lie ahead.

Houston-based Schlumberger announced record revenue in the Middle East and Asia of $3.1bn in the fourth quarter of 2014. This was mainly “driven by record revenue in Saudi Arabia and Bahrain and robust activity in Kuwait and the UAE,” the firm says. The region accounts for just under a quarter of Schlumberger’s overall revenue.

Drilling in Saudi Arabia hit all-time record levels in 2014, with a monthly average of 103 active drilling rigs ramping up to 115 in December. Kuwait and the UAE also hit records, averaging 38 and 35 rigs respectively (MEES, 9 January). (CONTINUED - 726 WORDS)

DATA INSIDE THIS ARTICLE

table Services Firms 2014 Revenue ($Bn)