Service companies reporting brisk growth in world demand

Fundamentals are strong for service companies who find their roles changing as international oil companies (IOCs) and national oil companies (NOCs) compete for oil and gas assets worldwide.Michael G. Parham, vice-president of investment bank RSM EquiCo Capital Markets LLC, said NOCs seek technology expertise, which traditionally came from IOCs.But major IOCs have downsized during industry downturns, and much daily operational expertise has shifted to service companies.“The ExxonMobils of the world really have become more like lean fund managers. They are not the guys who actually drill,” Parham said. “They relinquished that role decades ago. Frankly, they haven’t t...

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