"Global energy service giants are banking on a boom in Saudi oil and gas drilling over the next few years to revive profits that are being squeezed by overcapacity in the North American market.
Schlumberger, Halliburton and Baker Hughes have all singled out Saudi Arabia as a major growth market for next year as they search the globe for better returns than the saturated U.S. and Canadian markets offer.
Dozens of offshore and onshore rigs are being lined up for drilling in Saudi Arabia in 2014, and service companies are expanding their Saudi operations to meet buoyant demand.
“We have a very close relationship with Saudi Aramco, and the plans that we see for next year are talking about 200 rigs,” Gabriel Podskuba, area manager for the eastern hemisphere at steel pipe maker Tenaris SA, told analysts earlier this month." (thanks Regan)
Schlumberger, Halliburton and Baker Hughes have all singled out Saudi Arabia as a major growth market for next year as they search the globe for better returns than the saturated U.S. and Canadian markets offer.
Dozens of offshore and onshore rigs are being lined up for drilling in Saudi Arabia in 2014, and service companies are expanding their Saudi operations to meet buoyant demand.
“We have a very close relationship with Saudi Aramco, and the plans that we see for next year are talking about 200 rigs,” Gabriel Podskuba, area manager for the eastern hemisphere at steel pipe maker Tenaris SA, told analysts earlier this month." (thanks Regan)
