With US drilling down two-thirds on year ago levels, the Mideast has been the one global bright spot for oil services firms. As with upstream firms with a Mideast focus (see p10 and p12) those services firms with a strong regional element in their portfolio have seen revenues fall by less than their North America-focused peers.

Baker Hughes’ rig counts for Saudi Arabia, Oman and Abu Dhabi all remain at near-record levels (see table) as reduced upstream costs have enabled them to cut...