Service firms have looked to cut costs since the late-2014 oil price collapse, with mergers an obvious route.

On 3 July US conglomerate GE completed its take-over of number three services firm Baker Hughes.

The integration of Baker Hughes with GE’s oil and gas division creates “Baker Hughes, a GE company... the world’s first and only fullstream oil and gas company.” Despite the name, of 15 high-ranking executives 10 will be from GE – including CEO Lorenzo...