The oilfield services provider Baker Hughes said it expected revenue from its onshore business in North America to increase in the first half of the year as customers increase drilling activity and pricing improves.
The company, which is being acquired by General Electric, however, reported a bigger than expected fourth-quarter loss as prices for its services remained weak.
Improvement in pricing would remain limited as the market remained oversupplied, Baker said, joining bigger rivals Halliburton and Schlumberger in forecasting a decline in drilling activity and pricing pressure in markets outside North America.
In international markets, activity declines in its deepwater business are expected to be more severe, Baker said.
On an adjusted basis, the company reported a loss 30 cents per share, much bigger than the analysts’ estimate of a 11 cents per share loss, according to Reuters.
Net loss attributable to Baker Hughes was US$417 million, or 98 cents per share, in the quarter ended December 31, compared with a loss of $1.03bn, or $2.35 per share, a year earlier.
The latest quarter includes after-tax charges of $291m.
Baker Hughes’ revenue fell about 29 per cent to $2.41bn, which beat analysts’ expectations of $2.37bn.
* Reuters
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UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
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Confirmed%20bouts%20(more%20to%20be%20added)
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
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