BAKER Hughes which completed its acquisition of BJ Services on April 28, said yesterday it had achieved net income of £58.49million for the second quarter of 2010, compared with £54.72million a year earlier.
The global provider of reservoir-consulting, drilling, pressure-pumping, formation-evaluation, completion and production products and services to the oil and gas industry said financial results for the period included figures from BJ Services for May and June.
It said revenue for the second quarter was up 44% to £2.12billion, compared with £1.47billion for the second quarter of 2009.
Chief executive Chad Deaton said: “Results in the second quarter were mixed. Operationally, our performance improved in North America, Russia and Asia-Pacific, each making significant improvement sequentially, however, in Africa and Latin America, where we have invested heavily, revenue has lagged and profits were below our expectations.
“In response to the Gulf of Mexico drilling moratorium, we have deployed people and equipment to US land operations and to international offshore markets where deepwater drilling continues. The drilling moratorium negatively impacted our business on the shelf and in deep water.
“We believe international markets will continue to improve and expect our emphasis on operational efficiency to help us improve our international margins significantly by the year-end.”
Baker Hughes and BJ Services both have significant operations in the north-east.
On June 23, Baker Hughes opened its Eco-Centre waste-management facility at Peterhead, providing the North Sea oil and gas industry with environmentally compliant waste-processing services.