Oilfield Services News

Weatherford CFO Jennings to Leave in July

May 16, 2022

U.S. oilfield services company Weatherford International announced Monday that H. Keith Jennings, Executive Vice President and Chief Financial Officer, would leave the company on July 31, 2022. '[Jennings'] leaving the company is not the result…

Well Integrity and P&A: HydraWell and READ Agree to Merge

May 16, 2022

Norway's HydraWell and UK-based READ have agreed to merge to create a well integrity specialist focused on late-life oilfield activities, including permanent plugging and abandonment of hydrocarbon wells.According to a statement issued Monday…

Saipem Eyes 2B Euro Capital Hike in Summer - CEO to Paper

May 10, 2022

Italian energy services group Saipem is working to bring forward a planned 2 billion euro ($2.12 billion) capital increase and carry it out in the summer, CEO Francesco Caio told Il Sole 24 Ore in an interview published on Tuesday.The capital…

Baker Hughes, Halliburton, Schlumberger, Others Win $2,1B in Drilling, Services Deals with Equinor

May 06, 2022

Oilfield services giants Baker Hughes, Halliburton, and Schlumberger have signed a contract extension with the Norwegian oil and gas company Equinor for the integrated drilling and well services on Equinor-operated fields offshore Norway.Equinor said Friday it was…

Technip Energies Looks Beyond Russia after Better than Expected Results

Apr 25, 2022

French oil and gas services provider Technip Energies expects to ramp up activity outside of Russia this year, it said on Monday as rising demand for liquefied natural gas (LNG) helped it to a better than expected first-quarter profit.'Despite…

Schlumberger Posts Higher 1Q Profit as Rising Oil Prices Boost Demand for Its Services

Apr 22, 2022

Top oilfield services firm Schlumberger reported a higher first-quarter profit on Friday and increased its dividend by 40%, as rising oil prices boosted demand for services and equipment.Oil prices climbed to their highest in more than a decade…

Baker Hughes Posts Higher Q1 Profit, but Misses Wall Street Estimates

Apr 20, 2022

U.S. oilfield services and equipment firm Baker Hughes Co BKR.O on Wednesday reported a higher quarterly profit from a year earlier, but missed Wall Street estimates after facing a 'volatile market' in early 2022 that prompted mixed results across its reporting units…

Halliburton Profit Nearly Doubles As Surging Oil Prices Boost Demand for Its Services

Apr 19, 2022

Oilfield services firm Halliburton posted an 85% rise in first-quarter adjusted profit on Tuesday as a rally in crude prices boosted demand for its services and equipment.Crude futures climbed to their highest level in more than a decade during…

Petrofac Warns of Lower Orders as Annual Profit Halves

Mar 23, 2022

Oilfield services provider Petrofac on Wednesday warned of fewer near-term deals but expects higher energy prices to boost contracts later in 2022 as annual profit halved on lower orders and higher costs.The company put behind a major overhang…

Petrofac Can Compete for ADNOC Contracts Again, As Year-long, Bribery-related Suspension Lifted

Mar 16, 2022

Oilfield services giant Petrofac said Wednesday that Abu Dhabi National Oil Company (ADNOC) had lifted the suspension of the company imposed in March 2021.Abu Dhabi-based oil and gas giant ADNOC had suspended oilfield services firm Petrofac…

Schlumberger's SEES Aims to Eliminate Oil and Gas Industry’s Methane and Routine Flare Emissions

Mar 09, 2022

Oilfield services company Schlumberger has this week launched a dedicated business aimed at tackling methane and routing flare emissions from oil and gas operations.The company said that the business, named Schlumberger End-to-end Emissions Solutions (SEES)…

Halliburton Appoints Cummings, Young to Its Board of Directors

Feb 24, 2022

U.S. oilfield services and equipment giant Halliburton has appointed Earl Cummings and Tobi Young to its board of directors. The appointments went into effect on February 23, 2022, and both will stand for election by shareholders at the annual meeting on May 18…

More Than 350 Subsea Trees to Be Ordered in 2022, Level Not Seen Since 2013, TechnipFMC Says

Feb 24, 2022

Oilfield services giant TechnipFMC expects more than 350 subsea tree orders to be made globally in 2022, a level which it says has not been seen in years.The oilfield equipment and services firm saw its full-year 2021 inbound orders in the subsea segment hit the $5 billion figure…

Saipem to Cut Costs, Scale Back Green Push, Focus on Traditional Offshore Oil Business

Feb 24, 2022

Troubled energy contractor Saipem will cut costs, sell assets, and scale back green ambitions to focus more on its core oil and gas business after plunging deep into the red last year.The Italian group stunned investors in January when it downgraded…

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