Middle East NOCs To The Rescue As Capex Cuts Hit Services Firms

Oil services firms enjoyed record revenue in the second half of 2014 – a last hurrah after four years of $100/B-plus oil. But the collapse in prices late in the year has led to a revenue slump. Drilling activity in the core US market has halved over the past five months. Only Gulf NOC spending has prevented complete disaster.

Houston-based Schlumberger, the world’s largest oilfield services firm, saw...