Halliburton has secured significant offshore exploration contracts in Suriname, strengthening its international footprint despite a revenue decline in the first quarter.
Chairman, President and Chief Executive Officer, Jeff Miller, said, “Customers awarded Halliburton several contracts that demonstrate the strength of our value proposition and the power of our service quality execution.”
One of the new contracts in Suriname comes from Shell, covering exploration work as part of a broader slate that includes development and intervention for Brazil’s Gato do Mato field and projects in West Africa.
Halliburton also landed additional integrated offshore work with another major operator in Suriname. “These integrated offshore contracts rely on Halliburton’s advanced technologies, like our intelligent completions and comprehensive directional drilling technology,” Miller said.
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Key technologies in play include the iCruise rotary steerable system and the LOGIX drilling automation and remote operation platform.
Halliburton reported total revenue of US$5.4 billion for the first quarter of 2025, down from US$5.8 billion in the same quarter last year.
Adjusted net income for Q1 2025 was US$517 million, or US$0.60 per diluted share, compared to US$ 679 million, or US$ 0.76 per share in Q1 2024.
Operating income stood at US$431 million, a drop from US$987 million year-on-year.
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Completion and Production revenue fell 8% to US$3.1 billion, while operating income declined 23% to US$531 million, driven by weaker performance in the Western Hemisphere. Drilling and Evaluation revenue dropped 6% to US$2.3 billion, while operating income slipped 12% to US$352 million.
Latin America revenue dropped 19% to US$896 million, largely due to lower activity in Mexico and weaker completion tool sales.
Despite this, Miller emphasized a strong international tender pipeline: “Our first quarter international tender activity was strong. Halliburton won meaningful integrated offshore work extending through 2026 and beyond.” He added, “I am excited by the strong adoption of our groundbreaking technologies. We achieved the world’s first closed-loop, autonomous fracturing operation.”
Miller said, “Halliburton’s consistent focus on technology, collaboration, and service quality execution create value for our customers and drive long-term success.”
Halliburton has been active in Guyana since 2015. The company has expanded its operations in the South American country, including establishing one of the largest mud plants in the hemisphere.
