Dril-Quip has reported net loss of $29.3 million, or $0.78 per diluted share, for the three months ended September 30, 2017, versus net income of $19 million, or $0.51 per diluted share, for the third quarter of 2016.

Total revenues were $100 million during the quarter, down 19 percent compared to $123.6 million for the same period in 2016 and 22 percent sequentially.

The company had operating loss of $62 million as it booked impairment and other charges of some $61 million, versus none in the prior-year quarter. This was partially offset by tax benefit of close to $32 million.

Product bookings were approximately $82 million during the quarter compared to $67.2 million for the Q2 2017.

The company’s backlog at September 30, 2017 was approximately $216 million, compared to backlog of approximately $235 million in the prior quarter. Dril-Quip said it expects to convert between 70-80 percent of this backlog into revenues in the next 12 months or less.

Subsea World News Staff