British-based oil and gas supplier Hunting’s shares jumped more than 10 per cent in early morning trading as the firm moved into the black for the first half of the year.
The FTSE 250 firm reported profit from operations of $38.9m (£29.8m) in the first six months of 2018, compared with a loss of $23.9m a year earlier.
A growth in US demand for onshore drilling has helped boost profitability in the first half of the year, according to the firm.
However, chief executive Jim Johnson warned that a looming trade war and political uncertainty was a cause for concern: "There are headwinds given the introduction of trading tariffs for steel and the continuing volatile geopolitical environment."
Oilfield service providers such as Hunting, which creates machines that dig oil and gas wells ahead of production, have been bolstered in recent months by a surge in spending from energy producers.
Yesterday Petrofac revealed a rise in half-year profits alongside a mammoth $600m engineering contract, underlining a period of improved margins for oil and gas industry heavyweights.
Mike van Dulken, head of research at Accendo Markets, called the results "a welcome vote of confidence in the oil market's revival".
"Even management’s cautious highlighting of 'potential headwinds from steel trading tariffs' is doing nothing to dampen investor bullishness," he said.