The violent protests in Iraq last year which forced Baker Hughes to suspend operations in the country cost the US oil firm almost £50million, it has emerged.
The company declared force majeure and withdrew staff from the country after a weekend of violent protestors at Rumaila, near Basra.
The incident occurred when an Egyptian worker removed flags commemorating Imam Ali and Imam Hussein ahead of Ashura, the Shia day of mourning for Imam Hussein, the grandson of the prophet Mohammed.
The Egyptian worker was removed from the country by Iraqi officials amid accusations of insulting a religion.
Elsewhere the same weekend a British security worker at the Schlumberger camp nearby was attacked by protesters for removing similar flags.
Ahead of Baker Hughes’ fourth quarter results the company warned it expected profits to be lower for the period.
“Following the disruption to its business in Iraq during the fourth quarter, Baker Hughes resumed operations by the end of December,” the company said in a statement.
“Due to the lost revenue related to this event, expenses associated with personnel movements and security measures, and other nonrecurring items, the pretax and after-tax profit impact from the disruption in Iraq during the fourth quarter is approximately $80 million.”
Weather delays in the North Sea and the US also saw operating profits hit, the company said.