Baker Hughes has recognized significantly wider quarterly net loss compared to the second quarter 2015 results as the industry slowdown drove its revenue down by close to 40 percent.

The oilfield services company posted net loss for the second quarter of $911 million, or $2.08 per diluted share (including $1.18 per share of adjusting items), compared to net loss of $188 million, or 43 cents in the year-ago quarter.

Sequentially, net loss decreased by $70 million.

During the second quarter the company booked charges related to goodwill impairment, asset impairments, restructuring, and inventory, which were almost entirely offset by a $3.5-billion merger termination fee paid to Baker Hughes by Halliburton.

Quarterly revenue, which continued to be affected by lower activity levels, was $2.4 billion, a decrease of 10% sequentially, and down $1.6 billion, or 39% compared to the second quarter of 2015.

In the the six months ended June 30, 2016, Baker Hughes recognized net loss of $1.9 billion, or $4.30 per share, on revenue of $5.07 billion, compared to net loss of $777 million, or $1.77 per share, on revenue of $8.56 billion.

Subsea World News Staff