Forum Records Loss in Q2

Forum Energy Technologies, Houston-based oilfield products company, recorded net loss in the second quarter of $29 million, or $0.31 per diluted share, compared to net income of $9 million, or $0.10 per diluted share, for the prior year period.

The revenue recorded for the second quarter 2016 was $143 million, compared with $284 million in the second quarter 2015, a decrease of $141 million.

Drilling & subsea segment revenue was $57 million, compared to $170 million for the prior year quarter, a decrease of $113 million.

Production & infrastructure segment revenue was $62 million, a $53 million decline compared to $115 million for the second quarter 2015.

New orders received by Forum in the second quarter were $128 million, resulting in a book to bill ratio of 90%.

During the quarter Forum received an order from New Orient Marine, to supply three remotely operated vehicles (ROVs) for its multi-purpose ice-class vessel. The order includes two Perry XLX 200 HP work class ROV systems and one Sub-Atlantic Comanche observation class ROV.

Furthermore, the company has aligned with Offshore Technology Development, a subsidiary of Keppel Offshore & Marine, to offer the oil and gas industry the latest in hydraulic catwalk technology for offshore rigs.

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