With US drilling down two-thirds on year ago levels, the Mideast has been the one global bright spot for oil services firms. As with upstream firms with a Mideast focus (MEES, 11 March and MEES, 11 March) those services firms with a strong regional element in their portfolio have seen revenues fall by less than their North America-focused peers.
Baker Hughes’ rig counts for Saudi Arabia, Oman and Abu Dhabi all remain at near-record levels (see table) as reduced upstream costs have enabled them to cut spending without seriously crimping activity. (CONTINUED - 630 WORDS)
