Oilfield services companies are seeing a steady uptick in upstream activity and revenue across Latin America, both offshore and on land.

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“Internationally, growth continues to be led by Latin America, West Africa, and the Middle East,” said Baker Hughes Co. CEO Lorenzo Simonelli during the firm’s third-quarter earnings call. “In all of these markets, offshore activity is noticeably strengthening, while our drilling services and completions businesses are well-positioned to win. In Latin America, Brazil offers the best combination of visibility and growth in the region, while Mexico and Guyana are also improving.”

Simonelli said that in the oilfield services and equipment segment, “we see a multi-year upturn in global upstream spending and double-digit upstream...