Baker Hughes expects less drilling in fourth quarter

Wed Oct 21, 2015 8:21am EDT
 
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(Reuters) - Oilfield services provider Baker Hughes Inc (BHI.N: Quote) said it expects less drilling in the current quarter due to reduced customer spending but said it was seeing "stronger interest" in services that help increase oil and gas production.

Baker Hughes, which is being acquired by larger rival Halliburton Inc (HAL.N: Quote), reported a net loss attributable to the company of $159 million, or 36 cents per share, in the third quarter ended Sept. 30, compared with a profit of $375 million, or 86 cents per share, a year earlier.

Revenue fell 39.4 percent to $3.79 billion.

(Reporting by Sneha Banerjee in Bengaluru; Editing by Don Sebastian)

 
Traders work by the post that trades Baker Hughes on the floor of the New York Stock Exchange November 17, 2014.  REUTERS/Brendan McDermid