Saudi Arabia’s accelerating offshore expansion work is set to drive a surge in activity for services firms in the Middle East for the remainder of the year. “There is an inflection building up in Middle East activity,” Schlumberger CEO Olivier Le Peuch told his firm’s 22 July Q2 earnings call.

He expects the impact will “materialize in two or three countries visibly into the second half, and will accelerate next year as we will see more offshore shallow activity partially into the GCC environment in Middle East led by the Saudi oil major development.” (CONTINUED - 832 WORDS)