Energy services firms Schlumberger, Halliburton, and Baker Hughes are targeting Saudi Arabia as a high growth market in 2014 in order to “revive profits that are being squeezed by overcapacity in the North American market,” according to a report by the Reuters news service.
“Dozens of offshore and onshore rigs are being lined up for drilling in Saudi Arabia in 2014, and service companies are expanding their Saudi operations to meet buoyant demand,” Reuters reports. Citing industry sources, Reuters reports that “at least 160 rigs are currently deployed in Saudi territory and that the world’s top oil exporter plans to raise its rig count to 210 by the end of 2014.”
