Forum Q2 Loss per Share $0.81, Revenue Up 41 Pct

Forum Energy Technologies recorded net loss in the second-quarter 2017 of $78 million, or 81 cents per diluted share, compared to net loss of $28.6 million, or 31 cents per diluted share, for the prior-year period.

Sequentially, net loss widened from $16 million, or 16 cents per diluted share.

Adjusted net loss for the quarter was 10 cents per share, excluding $69 million or $0.71 per share of special items, of which pre-tax charges of $68 million for goodwill impairment.

The Houston-based oilfield products company generated revenue for the quarter ended June 30, 2017 of $201 million, compared to $143 million in the corresponding period in 2016. Sequentially, revenue increased by some $30 million.

To remind, for the Q2 2017, Forum estimated diluted loss per share of 9-12 cents, with revenue growth of 12-15 percent.

For the quarter, drilling & subsea segment revenue was $64 million, up 4 percent for the prior-year quarter.

The completions segment revenue was $55 million, while production & infrastructure segment revenue also increased some 23 percent at $83 million year-on-year.

The company said it has ended the quarter with $221 million of cash on hand.

For the Q3 2017, Forum estimated diluted loss per share of 4-7 cents, with revenue growth of 8-12 percent.

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; +44 (0) 203 793 8800.

More info

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