Halliburton Sees Offshore Spending Surge

Monday, April 22, 2019

Oilfield service provider Halliburton Co said on Monday it expects international offshore spending to rise 14 percent in 2019, double the estimates given by sector leader Schlumberger NV for international markets overall.

Schlumberger said last week that investments by oil producers in international markets will increase by 7 percent to 8 percent this year, citing a 20 percent increase last quarter in offshore rig counts and growing exploration activity in Latin America, Africa and Asia.

Halliburton's international revenue rose 11 percent in the first quarter, driven by gains in Mexico, Argentina and the Middle East. It also reiterated its expectation of high single-digit growth for 2019.

(Reporting by Debroop Roy and Arathy S Nair in Bengaluru; Editing by Maju Samuel)

Categories: Finance Industry News Activity

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