Forum Energy Technologies has slipped into the red in the fourth quarter 2015 on pre-tax charges and revenue decline of some 55% compared to a year-ago quarter.
The Houston-based oilfield products company booked net loss for the quarter of $164 million, or $1.81 per diluted share, compared to net income of $46 million, or $0.49 per diluted share, same time last year.
The fourth quarter 2015 pre-tax charges were $125 million for goodwill and intangible asset impairments, $43 million for inventory and other working capital reserves, $13 million for restructuring charges, and $4 million of foreign exchange gains.
Forum generated revenue of $196 million, a decrease of some $243 million from the fourth quarter 2014.
According to the company, Drilling & Subsea segment revenue in the fourth quarter 2015 was $104 million, a drop of $174 million, or 63%, from the the corresponding period in 2014. Fourth-quarter Production & Infrastructure revenue decreased 46% from last year to $92 million.
Full-year 2015 revenue was $1.1 billion, a decrease of $666 million or 38%, from 2014. Net loss was $119 million, or $1.33 per diluted share versus $174 million full-year 2014 net profit.
Subsea World News Staff