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Oilfield service giants Schlumberger, Halliburton and Baker Hughes saw their combined revenues tumble by $21bn last year from 2015 but they expect revenues to begin rebounding this year.
Of the three, only number one Schlumberger made a 2016 profit ($1.57bn), partly due to the costs accrued by Halliburton and Baker Hughes following their failed $30bn merger last year.
Baker Hughes sought out cooperation with US engineering conglomerate General Electric (GE) following that collapse. GE hopes to complete the takeover of Baker Hughes by the middle of this year, merging Baker Hughes with its oil and gas business ( MEES, 11 November 2016 ).
The new firm will overtake Halliburton as the number two oilfield services firm once authorities approve the deal, which is seen as a formality (see chart). (CONTINUED - 552 WORDS)
DATA INSIDE THIS ARTICLE
|table||Services Firms 2016 Revenue ($Bn)|
|chart||Revenues Fall Again In 2016; Bh/Ge Merger Set To Move New Firm Into #2 Spot($Bn)|