LONDON, Aug 28: European oil services companies, AMEC, Hunting, Wellstream and Prosafe, all reported big rises in first half profits on Thursday, as record oil prices drove booming demand from oil producers.

British engineer AMEC said net profits rose 30 per cent in the first six months of the year to 67 million pounds ($123.2 million), compared with the same period last year, while London-based Hunting’s net profit rose 45 per cent to 34 million pounds.

UK-listed pipe maker Wellstream Holdings reported a 501 per cent jump in first-half pretax profit to 40.8 million pounds, as its UK and Brazil markets raised usage and capacity.

Norwegian offshore support services and rig provider Prosafe reported a bigger-than-expected 69 per cent rise in first-half operating profit to $105 million.

Oil services companies are benefiting from a boom in exploration activity and a ramp-up of spending on developing previously discovered reserves to take advantage of record oil prices, which peaked above $147/barrel in July.—Reuters