US oilfield service firm Baker Hughes posted record third-quarter revenue of £3.2billion today, up from £2.5billion a year earlier, as north American onshore activity continued to grow.
Pre-tax profits rose to £448million in the latest period, from £228million, but this was lower than analysts’ expectations.
Houston-based Baker Hughes, which has a large presence in the north-east, said Gulf of Mexico activity only improved marginally.
International revenue growth was strong but margins declined, the firm added.
Chief executive Chad Deacon said demand for oil and gas would remain strong and that service intensive unconventional resources would play an increasing role in the market in the US and, over time, internationally.
Recommended for you
