The
steep
drop
came
despite
revenues
for
the
three-month
period
rising
3%
year-on-year
for
the
Houston-based,
New
York-listed
outfit
to
$5.23
billion.
Chief
executive
Martin
Craighead
said
that
the
weak
conditions
in
North
American
pressure
pumping
business
and
lower-than-expected
drilling
activity
in
key
international
markets
had
prompted
the
falling
profits.
“The
clearest
example
is
Canada,
where
the
seasonal
return
of
activity
was
nearly
30%
less
than
this
time
last
year,”
Craighead
said,
adding
that
the
rig
tally
for
Brazil,
Colombia,
and
Norway
–
three
key
markets
for
the
company
-
was
down
17%…
