SBM Offshore N.V.Schiedam, The Netherlands

Hurricane Damage Less Intense than in Past - Hurricane Ike, which ripped through the Gulf of Mexico in September 2008, damaged or destroyed over 100 oil and gas platforms, but experts are pleased with the damage relative to that experienced by 2005's Hurricanes Rita and Katrina. Experts contend that the oil and gas industry has better prepared for hurricanes, including reinforcing structures and new procedures for bringing rigs back online. Given the success of 2008, oil and gas field services companies will likely see more emphasis on damage prevention for future storms.

Spending on Services Up Overall - Field services companies operating in Canada benefited from increased investment in operations spending in second quarter 2008 compared to second quarter 2007, which was up 28 percent, according to The Daily Oil Bulletin. The spending increase was due largely to increased interest in oil sands regions rather than conventional drilling. Industry experts note, however, that while spending increased, spending as a percentage of overall profits was off slightly.

Domestic Natural Gas New Growth Area - Natural gas production in the US hasn't been anything to be excited about in recent years, but thanks to new technology that allows extraction from shale, a type of rock formation, production is headed up. Oil and gas field services companies with expertise in shale extraction stand to benefit, as experts predict a 9 percent increase in domestic US natural gas production in 2008 compared to 2007. Shale formations exist throughout the US, but so far the largest deposits have been found in Texas.