BUZZ-Hunting: Q1 revenue halves

Wed Apr 13, 2016 3:27am EDT
 
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** Hunting down as much as 6.1 pct before reversing course to be marginally in the green after the oilfield services co says Q1 revenue halved

** Co says trading during Q1 across the majority of its businesses has been weak

** Co points to US rig count falling to below 450 active units from over 1,800 units at the start of 2015, reflecting the difficult market environment being experienced by all energy sector cos

** Co says continuing to reduce its cost base, decreasing inventories to align to short term demand

** Says headcount reduction now at 40 pct since Jan. 1 2015, providing c.$82 mln in cost savings pa

** Says cash generation and net debt continue to be closely monitored and all non-essential expenditures minimised

** Net debt position at March. 31 about $132 mln

** Co says trading visibility remains very weak (Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)