April 22, 2019 / 1:44 PM / 2 months ago

Halliburton sees surge in global offshore spending in 2019

The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH 'BUSINESS WEEK AHEAD APRIL 25' FOR ALL IMAGES - GF10000394481

(Reuters) - Oilfield service provider Halliburton Co said on Monday it expects international offshore spending to rise 14 percent in 2019, double the estimates given by sector leader Schlumberger NV for international markets overall.

Schlumberger said last week that investments by oil producers in international markets will increase by 7 percent to 8 percent this year, citing a 20 percent increase last quarter in offshore rig counts and growing exploration activity in Latin America, Africa and Asia.

Halliburton’s international revenue rose 11 percent in the first quarter, driven by gains in Mexico, Argentina and the Middle East. It also reiterated its expectation of high single-digit growth for 2019.

Reporting by Debroop Roy and Arathy S Nair in Bengaluru; Editing by Maju Samuel

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