The UK offshore services sector (OFS) has had a rough time over recent years, given the COVID-19 pandemic, declining oil and gas activity, political uncertainty and limits on the pace of the energy transition.
A pair of firms are making a play for Baker Hughes’ coil tubing and pumping business, potentially paving the way for its takeover of rival Altus Intervention.
Marketing for sale its business in Russia and impairments on its assets in Ukraine saw Halliburton (NASDAQ: HAL) take $366m of impairments in the first half of 2022.
Baker Hughes reported lower than expected first-quarter earnings and said the rest of the year will be impacted by “broad-based inflation and supply pressures,” exacerbated by “unfortunate geopolitical events” including uncertainty in Russia.
Aberdeen-based oilfield services firm Enerquip has hailed a landmark move into a new market with its first ever contract to supply equipment to Uganda.
By Audun Martinsen, partner & head of energy service research, Rystad Energy
The Omicron virus variant has plunged the world into yet more uncertainty in recent months – but even so, 2021 will be remembered as the year when the pandemic loosened its grip on global energy markets and the supply chain could start to recover from last year’s 14% drop in global energy spending. Investments grew 7% this year, putting economies, energy demand and the supply sector on the road to recovery.
Expro’s chief executive says he doesn’t anticipate its amalgamation with Frank’s International to lead to any “significant headcount changes” in Aberdeen.