Baker Hughes joins Halliburton in red

HOUSTON, July 28, 2016 – Baker Hughes, the would-be partner of Halliburton in the much-publicised oilfield services tie-up that floundered in May, joined the company in the red on Thursday, as it announced a quarterly loss.

Baker Hughes’ losses over the second quarter of 2016 widened to USD 911 million, as the company’s revenue fell. The USD 2.4 billion recorded over the past three months was down 10% sequentially and 39% lower year-on-year.

“After we outlined our path forward in early May, we took swift and decisive measures to improve our financial and competitive performance. We simplified our organisational structure to closely align with our commercial strategy and fortified our core operations, while laying the groundwork to develop a broader range of sales channels for our products,” chairman and chief executive Martin Craighead said.