Forum Energy Technologies recorded net loss in the fourth quarter of $13 million, or $0.14 per diluted share, compared to net loss of $167 million, or $1.81 per diluted share, for the prior-year period.
Sequentially, net loss also narrowed from $18 million, or 20 cents per diluted share.
The Houston-based oilfield products company generated revenue for the fourth-quarter 2016 of $147 million, compared with $196 million in the fourth-quarter 2015. Sequentially, revenue increased by some $9 million.
“Forum’s fourth quarter 2016 revenue saw growth in each product line except for Subsea and was the first sequential increase in revenue since the severe downturn began in the third quarter 2014,” said Cris Gaut, Forum’s chairman and CEO.
Forum reported full-year 2016 revenue of $588 million, down 45 per cent from a year ago.
However, net loss, which was $82 million, or $0.90 per diluted share, has been narrowed when compared with $119 million in 2015.
For the quarter, drilling & subsea segment revenue was $55 million, compared to $83 million for the prior-year quarter.
The completions segment revenue was $35 million, down form $45 million, while production & infrastructure segment revenue came down form $69 million at $57 million year-on-year.
New orders received by Forum in the fourth quarter were $183 million, resulting in a book to bill ratio of 124%.
The company has ended the year with $234 million of cash on hand.
Subsea World News Staff