Oilfield services firm Baker Hughes, a GE company (BHGE), has posted a substantial revenue jump of over£1.5billion on the same period last year.
The company reported first quarter pre-tax profits of £3.7billion in the first quarter of 2018, a jump of almost £1.6billion on 2017’s £2.1billion.
Cash flows generated from operating activities were £209million for the quarter.
Lorenzo Simonelli, BHGE chairman and chief executive officer, said: “We made strong progress in the quarter, securing several key commercial wins, executing on our synergy targets and delivering for our customers. I am pleased with our performance on our priorities of growing share, improving margins and generating cash.
“Market fundamentals remain supportive, as crude oil prices are relatively rangebound, providing stability to customers as they evaluate projects. The gas market continues to grow, and strong LNG demand supports the view that new capacity will be required in the early to mid-part of the next decade. BHGE is uniquely positioned across the oil and gas value chain, and well placed to benefit from the long-term industry trends.
“In our Oilfield Services (OFS) segment, we continue to focus on growing share in key markets, including North America and the Middle East, through leading technology and services and flawless execution for customers. This quarter, we secured several critical commercial wins, and our synergy efforts led to improved margin rates.
“In our Oilfield Equipment (OFE) segment, we are focused on providing our customers with new commercial models and integrated offerings to enable better outcomes. We continue to expand our leading technology portfolio to drive down total development costs. In the quarter, we announced several deals, demonstrating the strength of our offering.”