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Oil majors may have slashed capital spending but national oil companies in the Middle East and North Africa show no sign of cutting investment, buoying oil field services that the stock market has beaten down.Names such as Saipem and Subsea 7 notched up double-digit share price declines from June to December as oil majors put projects on hold or scaled back expenditure.But while offshore drillers and seismic companies continue to suffer, oil services stocks with chunky exposures to Middle East spending, such as Petrofac, have bounced back.Petrofac's order backlog was up 26 percent at the end of 2014, and its share price has risen by almost 27 percent since it reported full year earnings on Feb. 25 . Data from Rystad Energy show that while global investments are expected to fall by around 20 percent in 2015 versus 2014, in Gulf countries the reduction is likely to be just 5 percent. Saudi Arabia, where investment in oil projects is expected to grow by 5-10 percent, is thought to have ramped up the number of rigs it employs.
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