Oilfield equipment maker Schoeller-Bleckmann (SBO) announced a surge in second-quarter earnings on Aug. 23, putting it on course to return to a full-year net profit.

The Austrian group is emerging from a rough patch, triggered by the collapse of oil prices a few years ago, as recovering crude prices prompt producers to invest in new projects.

It reported an eightfold increase in operating profit for April to June, helped by a thriving North American business where its customers include industry giants Halliburton and Schlumberger.

SBO said its sales surged 40% in the quarter to 105.9 million euros (US$121 million), benefiting in particular from strong demand for its drilling motors, circulation tools and repair and maintenance services in North America.

A company spokesman said Schoeller-Bleckmann expects to make a net profit this year, after a loss of 54 million euros (US$62.4 million) in 2017.

SOB expanded its operations in North America in recent months and generates around 60% of its revenue from there.

Chief Executive Gerald Grohmann said President Donald Trump’s protectionist policies were not affecting SOB’s business in the United States.

“Our U.S. business is going very well, but that is because of the good oil markets and not for political reasons,” Grohmann told Reuters by phone.

SBO could be affected by new U.S. sanctions against Russia, where it has a small but “very profitable business,” Grohmann said, adding it was too early for an in-depth assessment.

“The question will be, whether or not we will be able to ship goods from Europe to Russia.”

Onshore