Newly merged Baker Hughes, a GE company (BHGE) recorded a loss in the third quarter and warned that customers remained “cautious” due to oil price volatility.
It was the first reporting period for the company, which launched in July following a multi-million pound merger between US energy service firms Baker Hughes and GE Oil & Gas.
Earlier this week the business said it was preparing to launch a consultation over job losses in Aberdeen and Montrose.
Dozens of staff members are expected to lose their jobs. The company has hundreds of employees in the north-east.
For the period under review, net losses attributable to BHGE totalled £80million. The firm not give a comparable figure for the previous year.
It chalked up third quarter revenues of £4billion to stay flat year-on-year.
BHGE chief executive Lorenzo Simonelli said “We expect the overall oil and gas environment to remain challenging for the rest of the year.
“We have seen some improvement in activity but we have not seen meaningful increases in customer capital commitments.
“Oil prices remain volatile and, as a result, our customers remain cautious.
“We continue to support our customers through innovative solutions and solid execution and are focused on integrating and driving the best of both legacy businesses.”