Guyana’s expanding offshore oil operations are helping drive growth for global oilfield services giant SLB, which reported an 16% year-on-year increase in Latin American revenue for the third quarter of 2026.
The company reported US$1.749 billion in revenue from Latin America for the three months ended September 30, up from US$1.482 billion in the corresponding period last year. SLB attributed the growth primarily to stronger offshore activity in Brazil, Guyana and Mexico, alongside higher revenue from projects in Ecuador.
SLB Chief Executive Officer Olivier Le Peuch particularly identified Guyana, Suriname and Brazil’s Pelotas Basin among the areas with significant potential for exploration growth, pointing to energy security concerns, depleting reserves and declining production as factors encouraging further investment.
SLB’s results show that the expansion in Guyana is reflected in more than one part of its business.
The company reported double-digit growth in both well construction and reservoir performance in Guyana and Brazil during the third quarter. Well construction includes services supporting the drilling and development of wells, while reservoir performance covers activities such as evaluating underground formations and intervening in wells to support production.
These services are important to Guyana’s offshore industry as operators continue developing discoveries and preparing additional projects to bring more oil and gas resources into production.
SLB has an established presence in Guyana and has worked with ExxonMobil Guyana on drilling technology and automation offshore. In a published case study, the company described the use of autonomous directional drilling and rig automation to improve efficiency during complex well construction operations in Guyanese waters.
However, SLB did not disclose a separate revenue figure for Guyana in its latest results, so the precise financial contribution from the country cannot be determined from the published figures.
Nor did the results announcement identify a new Guyana contract or quantify additional investment, employment or procurement opportunities arising from the reported growth.
SLB’s performance comes against the backdrop of conflict in the Middle East, which had raised concerns about disruptions to the company’s operations and revenue.
In July, Le Peuch warned that a prolonged conflict could reduce Middle East revenue by approximately US$150 million in the third quarter.
By the end of September, however, SLB reported total global revenue of US$9.449 billion, representing a 5% increase from the second quarter and a 6% increase compared with the third quarter of 2025. The result exceeded analysts’ expectations of approximately US$9.27 billion.
Net income attributable to SLB was US$735 million, down 1% year on year, while adjusted net income, excluding specified charges and costs, reached US$962 million. Adjusted earnings before interest, taxes, depreciation and amortisation totalled approximately US$2.07 billion, up 9% from the previous quarter.
International revenue, which includes Latin America and other markets outside North America, totalled almost US$7 billion, increasing 1% year on year and 5% sequentially.
Le Peuch said the company benefited from a gradual recovery in Middle East activity, stronger North American land operations and expanding offshore activity across international markets.
He also pointed to continued demand for SLB’s subsea business, with new contract awards increasing its backlog and improving revenue visibility into 2027.
SLB expects moderate growth in the global oilfield services market in 2027, assuming disruptions in the Middle East do not intensify.
The company’s outlook is supported by deepwater activity across Latin America, Europe, sub-Saharan Africa and Asia, as well as continued investment in exploration and production.
.png)
