Baker Hughes posts Q1 loss

Baker Hughes lost some USD 129 million in Q1 2017, the company said on Tuesday, narrowing losses some 87% year-on-year.

Revenue, at USD 2.26 billion, was down 6% sequentially and 15% compared with the same period last year, Baker Hughes said in a press release.

Nevertheless, earnings before interest, tax, depreciation and amortization (EBITDA) was up 16% sequentially, at USD 309 million.

“Baker Hughes delivered another sequential quarter of improved adjusted operating profit, despite industry headwinds in certain market segments,” CEO Martin Craighead said in a statement.

“Looking forward to the rest of the year, we believe that the North America onshore market will continue to grow and service capacity will continue to be absorbed. For international onshore markets, activity has bottomed and we expect it will remain stable, with a few pockets of modest growth.”

The planned merger with GE’s oil and gas business is on track for finalisation by the middle of the year, he added. The deal is currently under review by regulators, who requested additional information last month.