US oilfield service giant Halliburton reported a 46% year-on-year fall in first-quarter profits yesterday to £133.76million, blaming currency devaluation and tax charges in Venezuela and weak demand except in North America.
Revenue fell 4% to £2.44billion, in line with Wall Street expectations.
Chief executive Dave Lesar said: “Indications are that, barring any major economic disruption, the industry is likely to experience a steady resurgence in international activity in the second half of the year and into 2011.”
Weatherford is due to unveil its figures today, followed by sector leader Schlumberger on Friday.