Baker Hughes Inc, the world’s third-largest oilfield services company, said it expects strong growth in North America as oil and gas producers turn to its new technologies to reduce drilling time and cut costs. The company, whose services include seismic surveys that determine where oil lies under the earth’s surface and hydraulic fracturing of wells, launched 47 new products and services in the second quarter. “In North America, the trend of customers spending incremental op-ex towards production-related technologies is unfolding as we expected,” Chief Executive Martin Craighead said on a post-earnings call. “We predict strong growth in this area for the foreseeable future.” Technologies developed in the last year or two contribute between 35-50 percent to the company’s revenue, Craighead said. Oil and gas companies, under increasing pressure from shareholders, are looking to increase production at lower cost, prompting oilfield service providers to […]