WEATHERFORD International and Baker Hughes both revealed fourth-quarter and annual results yesterday.
Oilfield service companies have been hit over the past year as customers reduced spending on new wells amid weak energy demand.
The results for Switzerland-based Weatherford revealed net income of just £157million in 2009, compared with £838million the year before.
Revenue last year totalled £5.46billion, down from £5.94billion in 2008.
Operations in Europe, west Africa and the former Soviet Union contributed operating income of £155.9million for 2009 on net revenue of £1.4billion.
Baker Hughes, which expects to close the planned takeover of BJ Services by the end of March, posted net income of £260.5million on revenue of just under £6billion during 2009.
This compares with net income of about £1billion on revenue of £7.34billion the year before.