(Reuters) -U.S. oilfield technology firm Baker Hughes beat third-quarter profit estimates on Wednesday, driven by strong demand for its services and equipment in international markets.
Energy firms booked record profits last year following a spike in commodity prices and have looked to invest these to boost production and find new deposits.
The move benefited companies such as Baker Hughes which provides services such as drilling, well construction and completion.
Baker Hughes also received contracts from several liquefied natural gas projects, as energy firms rush to build new LNG producing facilities.
The company’s international revenue from its oilfield services and equipment segment rose about 19% to $2.89 billion for the quarter ended Sept. 30, from a year ago.
On an adjusted basis, the company posted net income of 42 cents per share, compared with analysts’ estimate of 40 cents, according to LSEG data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber)
