Forum Sees Profits Slashed

Forum Energy Technologies has seen its net income plunge by some 86 per cent in the third quarter 2015 as revenue declined on overall oil market slowdown.

The Houston-based oilfield products company posted net income for the quarter of $7 million or $0.07 per diluted share compared to $52 million or $0.54 per diluted share for the prior-year period.

Forum generated revenue of $245 million, a decrease of $224 million, or 48%, from the third quarter 2014.

According to the company, Drilling & Subsea segment revenue in the third quarter 2015 was $139 million, a decrease of $168 million, or 55%, from the third quarter 2014. Production & Infrastructure segment revenue was $106 million, a decrease of $56 million, or 34%, from the year-ago quarter.

Cris Gaut, Forum’s Chairman and CEO, said: “The fourth quarter is shaping up to be a challenge. Many E&P operators have exhausted their budgets and we expect our customers to slow their activity following Thanksgiving.”