Baker Hughes said it expects less drilling in the current quarter caused by a reduction in customer spending.
The oilfield services provider said it had seen “stronger interest” in other services helping to increase oil and gas production.
Baker Hughes, which is being acquired by Halliburton, reported a net loss attributable to the company of $159million or 36 cents per share, in the third quarter ended September 30, compared with a profit of $375 million, or 86 cents per share, a year earlier.
Revenue fell 39.4 percent to $3.79 billion.