Baker Hughes has posted a quarterly loss after incurring a $772million charge in relation to restructuring and other items.
The company, which is in the process of being acquired by Halliburton, also said it would reduce its global workforce by 17%.
It brings the total headcount reductions to 10,500 – up from the 7,000 previously announced.
Baker Hughes has also closed and consolidated about 140 facilities worldwide.
In the first quarter of 2015, the company reported a net loss of $589million, compared with a profit of $328million a year earlier.
The company’s revenue fell by 19.8% to $4.59billion.
Earlier this week, Halliburton posted a better than anticipated quarterly profit which was boosted by revenue from regions including Latin America and Asia.
The company, which agreed to buy its smaller rival Baker Hughes last year, said some revenues had been affected in other regions by the oil price decline.