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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 (see p10 and p12) 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.
UK-based services firm Petrofac in its 2015 results, released late last month, highlights its Mideast focus as a key reason for its outperforming giant rivals Schlumberger, Halliburton and Baker Hughes, who all previously reported bumper 2015 losses (MEES, 12 February).
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