Services Firms Increase Gulf Dependence Amid Revenue Crunch

The three largest international oilfield services firms saw their combined revenue fall by a third over the past six months as IOCs slashed upstream spending. They are increasingly reliant on GCC countries, where drilling is at record levels.

Services giants Schlumberger, Baker Hughes and Halliburton all saw their revenue fall sharply in the second quarter of 2015 following an even larger fall in Q1. The latter two,...