Baker Hughes, a GE company (BHGE) has posted pre-tax profits of £106million off the back of stabilising oil markets and international project wins.
The first quarter results compare to a £65.2m deficit in the same period in 2018.
It comes as the energy services firm toasts contract awards in the quarter including work with BP’s Tortue project in West Africa and a subsea production contract from Beach Energy in South Australia.
BHGE booked £4.3billion of orders in the quarter.
The oilfield services business saw typical seasonal declines, while oilfield equipment “delivered another strong orders quarter”.
CEO Lorenzo Simonelli said: “BHGE delivered a solid first quarter against stabilizing global oil and gas markets.
“U.S. rig count dropped slightly less than expected, international activity remained steady, and the LNG market is very active. We are well positioned to benefit from multiple growth drivers.
“We have a positive outlook across a number of end markets.
“Strengthening international markets will have the largest positive impact on our business, while operators in North America will continually re-evaluate their spending plans.
“The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market.”