Baker Hughes beats quarterly profit estimates on international drilling demand

(Reuters) -U.S. oilfield technology firm Baker Hughes beat Wall Street estimates for third-quarter profit on Tuesday, helped by sustained demand for its drilling equipment and technology in international markets.

Exploration and drilling demand in markets such as Middle East and Africa have helped oilfield services companies offset some of the declines in North America.

The total rig count at the end of September increased by 7 in international markets, compared to a year earlier, led by additions in the Middle East, according to Baker Hughes data.

The Houston-based company posted adjusted profit of 67 cents per share for the three months ended Sept. 30, compared with average analysts’ expectation of 61 cents, according to estimates compiled by LSEG.