Oil service companies, such as those that build and refurbish rigs, are emerging as beneficiaries of high oil prices as large producers sharply increase investment in new facilities. Crude oil hit a new high of $140 a barrel this week, but quickly edged back down, prompting speculation that the price may have peaked – for this year at least.

Even if the underlying oil price retreats, managers believe the service companies will continue to see growth. Some large oil companies have increased their capital expenditure by 25 to 30 per cent this year to bolster their chances of finding and exploiting new reserves.