Baker Hughes, a GE company (BHGE) hailed the North Sea as being among its “key highlights” for the quarter as it moved to a small profit.
BHGE posted net income for the third quarter of the year of £10.2million, after posting a £14.9million loss in the three months to June.
The firm highlighted “important wins” for its oilfield equipment division in the North Sea.
Nexen awarded the firm a contract to provide subsea production systems for its recently-sanctioned Buzzard Phase Two project, as well as oilfield services.
The oilfield equipment division also secured a three-year contract extension with Equinor.
The reported profit is an increase from a loss of £105.2m in the same period last year as BHGE expects the market environment to continue to improve.
Chief executive Lorenzo Simonelli said: “We are encouraged by the improved outlook for the macro environment. We expect both the North
“American and International markets to grow in 2019 as customers increase spending and overall rig and well counts grow.
“The offshore market is the strongest it has been in many years and the improving tender and order activity is an encouraging sign as we look out to 2019 and beyond.
“The LNG outlook is also improving, and we conservatively estimate a total of 65 million tons per annum of new capacity to be sanctioned by 2020.
“We remain well-positioned for the next build-cycle.”
In June it was revealed that General Electric planned to sell off its stake in the engineering services company that it acquired only a year ago.
Baker Hughes has long contended it is well-positioned to operate independently.
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