Forum Sinks on Impairments

Forum Energy Technologies recorded loss in the fourth-quarter 2018 of $384 million, or $3.52 per diluted share, compared to profit of $49 million, or 45 cents per diluted share, for the prior-year comparable period.

Sequentially, Forum has sunk deeper into the red from loss of 3 cents per share, despite revenue increase of $25 million.

Forum booked quarterly impairments and special items of $392 million, or $3.60 per share. Some $349 million went on goodwill and intangible asset impairments.

The Q4 2018 result before special items was profit of 8 cent per share.

The Houston-based oilfield products company generated revenue for the quarter ended December 31, 2018 of $273 million, compared to $248 million in the corresponding period in 2017. Sequentially, revenue increased from $267 million.

Full-year result was net loss of $374 million on revenue of $1 billion, versus net loss of $59 million on revenue of $818 million in 2017.

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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