courtesy Baker Hughes

Houston drilling outfit Baker Hughes Inc. has posted net income of $374.7 million for first-quarter 2007, a 10-percent spike on revenues that rose 20 percent $2.5 billion.

“Seasonal” declines in Canada and Russia were said to offset the superlative result. Nevertheless, revenue from oilfield operations grew by some $410 million to some $2.47 billion, about a third of which appeared to be from Africa and the Eurasian land mass.

Drilling revenues were said to be up 19 percent in the quarter over the year-ago period, while the intake from the company’s completion and production business accrued by 21 percent.