Forum Posts Quarterly and Full-Year Loss

Forum Energy Technologies has slipped into the red in the fourth quarter 2015 on pre-tax charges and revenue decline of some 55% compared to a year-ago quarter.

The Houston-based oilfield products company booked net loss for the quarter of $164 million, or $1.81 per diluted share, compared to net income of $46 million, or $0.49 per diluted share, same time last year.

The fourth quarter 2015 pre-tax charges were $125 million for goodwill and intangible asset impairments, $43 million for inventory and other working capital reserves, $13 million for restructuring charges, and $4 million of foreign exchange gains.

Forum generated revenue of $196 million, a decrease of some $243 million from the fourth quarter 2014.

According to the company, Drilling & Subsea segment revenue in the fourth quarter 2015 was $104 million, a drop of $174 million, or 63%, from the the corresponding period in 2014. Fourth-quarter Production & Infrastructure revenue decreased 46% from last year to $92 million.

Full-year 2015 revenue was $1.1 billion, a decrease of $666 million or 38%, from 2014. Net loss was $119 million, or $1.33 per diluted share versus $174 million full-year 2014 net profit.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

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