|SIC Codes:||1381 1382|
|NAICS Codes:||213111 213112|
Companies in this industry specialize in oil and gas well drilling and provide other services in support of oil and gas field operations on a contract basis. Major companies include US-based Baker Hughes, Halliburton, National Oilwell Varco, and Schlumberger, along with Nabors Industries (Bermuda) and Transocean (Switzerland).
Demand is driven by oil and gas prices. The profitability of individual companies depends on technical expertise and efficiency of operations. Large companies can offer a broad range of services. Small firms can compete effectively by specializing in a particular type of service or geographic area.
Oil and gas field service companies provide drilling (about 30 percent of sales) and support services (about 70 percent) for oil and gas wells. Major support services include preparing wells for production, maintaining and enhancing the output of producing wells, and exploration. Some larger companies also manufacture oil and gas field equipment.Buy Now