Weatherford International, which has its main operations in Houston, posted a $1.8bn net loss for the third quarter.
This is despite the fact that the company’s North American revenues slowly began to rise from the previous three months.
The third quarter also marked several hundred job cuts, contributing to an overall of at least 8,000 layoffs during the first nine months of the year.
About $1.4bn of the oilfield services company’s losses come through the write downs on the lost values of rigs, equipment and other assets, as well as other tax charges.
Weatherford’s net loss compares to a $170mn loss during the same time last year, as well as a $565mn loss in the second quarter of this year.
Weatherford’s $1.35bn in revenues are down almost 40% from last year, but just down 3% from the second quarter. However, its revenues actually grew 12% from the previous quarter.
