In times of crisis, the services segment is particularly hard-hit as projects are cancelled, delayed, or reduced in scope. Many companies on this list have seen dramatic drops in revenue compared to last year, but they have still managed to impress with innovative solutions and ways of continuing business through and beyond the coronavirus pandemic. We are pleased to present this list, and to recognise the companies that have once again proven their resilience in a time of crisis. Click to read the full list.
1. Schlumberger
Schlumberger has made a series of product and technology announcements despite the difficult conditions posed by the coronavirus pandemic, including partnership announcements like its collaboration with IBM and Red Hat for hybrid cloud solutions in the energy industry. While it has seen a significant drop in revenue since last year, the company appears poised to bounce back when market conditions stabilise.
2. Baker Hughes
Baker Hughes rebranded from BHGE (removing the General Electric part of the company’s name), with an eye on digitalisation and a move towards energy transition and sustainability practices. The company reported revenue of $5 billion for Q3 2020, up 4% from the previous quarter, and down 14% year on year.
3. Weir
Weir is on the list potentially for the last time this year, since it signed a $405 million deal (not yet finalised) in October 2020 to transfer its oil & gas division to Caterpillar. We still don’t know how this will impact the company’s offerings and long-term performance in the oil and gas sector, but it seems like a positive indicator of Caterpillar’s focus on the industry moving forward.
4. Halliburton
Halliburton has seen a slowdown in activity, like most other service providers, but it attributes declines in most of its verticals to decreased activity in the Middle East and other international markets. The company’s Q3 revenue for the Middle East/Asia was $962 million, a 13% drop from the previous quarter.
5. Siemens
Siemens was surprisingly resilient to the impact of the pandemic, reporting relatively stable revenue for Q3 2020 compared to the previous year. The company is heavily involved across the region throughout many verticals.
Methodology: The editorial team of Oil & Gas Middle East formulates this list based on publically-available information, including press releases, announcements and financial reports. We also consider the company’s presence & impact in the region, and CSR and HSE initiatives.
