The company’s latest equipment and services deals review for March stated that deal activity rose from $563.4 million across 29 deals in February to $3.2 billion from 38 transactions in March.

GlobalData’s report noted there were eight transactions that exceeded $100 million in value, accounting for a combined value of $3 billion in March, compared with just two deals of this magnitude in February 2015.

However, acquisitions accounted for 34% of the total equipment and services deal activity in March, in which 13 transactions totalled $142.9 million and accounted for just 4% of the total monthly deal value.

This represents a significant drop of 51% compared with $289.5 million in February from 16 deals.

GlobalData’s head of oil and gas research and consulting Matthew Jurecky said the Americas led equipment and services deal activity in March, as the region accounted for a 56% global share that month, comprising nine deals worth $116.3 million.

Of these, five deals totalling $13.3 million were completed, while four with a combined value of $103 million were announced.

“The top deal in March 2015 was Frank's International’s agreement to acquire Timco Services, all paid for in cash and taking advantage of depressed asset prices, to expand the company’s core tubular running service in producing areas of the US that are more resilient than others – namely onshore Texas and offshore Gulf of Mexico,” Jurecky said.

GlobalData’s report also stated that financing through equity offerings, debt offerings, private equity and venture financing totalled $2.9 billion from 13 deals in March 2015.

“Capital raising activity in the oil and gas equipment and services sector is half of what it was at the same time last year.”

“While there was a mild rebound in March, since the crude price crashed last year, there have been consistent monthly drops in activity as the market is wary of producers squeezing the margins of these companies.

“Drillers Noble and Ensco were the key players in this activity, issuing long-term debt mainly to cover nearing debt obligations.”