A sellers' market

Bloated order books and bumper profits underline the strong market demand for oilfield services around the world, as high energy prices have spurred a resurgence in exploration, writes Martin Clark

HIGH CRUDE OIL prices and big-spending budgets among upstream producers mean plenty of work opportunities for international oilfield services companies and equipment suppliers. Rig rates and contractor fees have increased sharply over the last year or so in energy-producing states as demand for services squeezes supply. Global oilfield services giants have generated substantial profits in the past 12 months as a result of rising demand, feeding off increased activity from the upstream operators. In its third-quarter financial results, Halliburton's energy services group announced record revenues of $2.6bn – nearly 25% up from the same period of 2004. The company's energy services unit – whic