The top two oilfield services firms, Schlumberger and Halliburton enjoyed a second consecutive quarter of strong growth in Q3, overwhelmingly driven by US gains. But they see little prospect for strong gains elsewhere, and with US drilling activity flattening out growth looks set to slow substantially.

Schlumberger’s Q3 revenue from North America grew by over 50% year-on-year. The region’s $2.60bn revenue makes up 33% of the firm’s overall $7.91bn revenue, a massive...