The oilfield services provider Baker Hughes said net loss attributable to it widened to US$981 million, or $2.22 per share, in the first quarter that ended March 31, from $589m, or $1.35 per share, a year earlier.
Revenue fell 41.9 per cent to $2.67 billion.
“During the quarter, the industry faced another precipitous decline in activity, exceeding even the most pessimistic predictions, as E&P companies further cut spending in an effort to protect cash flows,” said the chief executive Martin Craighead.
Baker Hughes said that the US rig count will probably stabilise in the second half of the year after falling in the current quarter.
The company said it expected the North American rig count to fall 30 per cent in the second quarter from the prior quarter.
The results from Baker Hughes, which is to be bought by its bigger rival Halliburton, come three days ahead of a deadline set by the companies to get regulatory approval for the deal.
However, Baker Hughes said it did not expect drilling activity to increase meaningfully this year, even if the rig count held steady.
Globally, rig count is expected to drop steadily through the end of the year due to limited new projects in the pipeline, Baker Hughes said.
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