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Press Release

Oilfield service sector posts positive annual growth, but struggles remain

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Rystad Energy has reviewed the financials of 200 contractors as first quarter reporting comes to a close, revealing that aggregated quarterly revenue growth for service companies exposed to upstream oil and gas activities has seen positive growth for eight consecutive quarters year-on-year – a first since 2014. But it’s not all good news; quarter-over quarter growth declined by 6% sequentially, a deceleration which did not come as a surprise as the first quarter is known to be slow for oilfield service companies. Nevertheless, positive year-over-year (y/y) additions point to steadily improving market conditions, despite the decline compared to the previous quarter.

Aggregated numbers for the first quarter show a sluggish start to the year, with most companies seeing decreased activity compared to the previous quarter. Among the top service companies, Aker Solution, BHGE, McDermott, Nabors, NOV, Saipem, Schlumberger and Subsea 7 delivered positive y/y revenue growth. Aker Solution and Nabors were the only service companies which also delivered quarterly growth in the first three months of the year. Nabors’ strong quarterly performance was primarily driven by its U.S drilling activity, which offset declining revenues from its international drilling segment.

Breaking down the aggregated numbers into service segments, we see negative quarter-over-quarter (q/q) growth across all service areas – the only exception being Subsea Equipment and Offshore facility leasing, which delivered revenue which was essentially in line with the trailing quarter.

A bar chart showing the oilfield service sector posts positive annual growth, but struggles remain in Billion USD from 2017 to 2019. SOurce: Rystad Energy ServiceSupplyCube

For more in-depth information please have a look at our Oilfield Service Solutions.



Audun Martinsen
Head of Oilfield Service Research
Phone: +47 24 00 42 00

Jerome Fuzeau
Product Marketing Manager
Phone: +47 24 00 42 00


About Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.