The boss of US oil field services giant National Oilwell Varco said the company would continue to focus on cost reduction as second quarter earnings dipped.
Net earnings in the three months to June were $289million, down from the previous quarter’s $310million.
Chief executive Clay Williams, said: “NOV achieved solid results this quarter in the face of the cyclical downturn which has impacted our business.
“The operating margins delivered by our segments this quarter reflect our focus on reducing costs to become more efficient.
“We continue to advance our long-term strategies and expect the strength of our balance sheet will allow us to identify investment opportunities arising from this downturn.
Williams said the rest of 2015 will continue to be challenging.
Revenues for the second quarter of of this year were $3.91billion, a decrease of 19% from the previous quarter and a decrease of 26% from same period last year. Operating profit for the quarter, excluding the other items, was $455million or 11.6% of sales.