Forum Energy Technologies has seen its net income plunge by some 86 per cent in the third quarter 2015 as revenue declined on overall oil market slowdown.

The Houston-based oilfield products company posted net income for the quarter of $7 million or $0.07 per diluted share compared to $52 million or $0.54 per diluted share for the prior-year period.

Forum generated revenue of $245 million, a decrease of $224 million, or 48%, from the third quarter 2014.

According to the company, Drilling & Subsea segment revenue in the third quarter 2015 was $139 million, a decrease of $168 million, or 55%, from the third quarter 2014. Production & Infrastructure segment revenue was $106 million, a decrease of $56 million, or 34%, from the year-ago quarter.

Cris Gaut, Forum’s Chairman and CEO, said: “The fourth quarter is shaping up to be a challenge. Many E&P operators have exhausted their budgets and we expect our customers to slow their activity following Thanksgiving.”