Houston-based oilfield products company, Forum Energy Technologies, has recorded a net loss of $23 million or $0.25 per diluted share for the first quarter 2016, compared to net income of $29 million, or $0.31 per diluted share, for the prior year period.
Forum generated revenue of $159 million, compared to $348 million in the first quarter 2015.
In the company’s Drilling & Subsea segment revenue in the first quarter 2016 was $65 million, a 60% decrease from the first quarter 2015 and a 21% decrease from the fourth quarter 2015.
Production & Infrastructure segment recorded revenue of $61 million, a 33% decline from the prior year period and a 12% decline from the fourth quarter 2015.
During the quarter, Forum received two awards for remotely operated vehicles (ROV), the first for a XLX 200HP work-class ROV system, and the second one for a Super Mohawk observation class ROV system.