Better times for oilfield services

Revenues at the sector's big firms are picking up, but the global outlook remains uncertain.

Recent results from the three leading oilfield services companies provided few surprises, but reflected a steady revival in the sector over the last year, underpinned by rapid growth in the buoyant US shale sector.  The sector's largest firm, Schlumberger, reported a 14% year-on-year rise in overall first quarter revenues to $7.83bn, and a 52% rise in North American revenues. Halliburton's overall revenues rose 34% to $5.74bn, largely due to a strong performance in the North American market, where revenues rose 58%. By contrast, international revenues rose 9%. Revenues at GE's BHGE -comprising the operations of Baker Hughes and GE Oil and Gas that merged last year-rose 1% year-on-year to $5.