Baker Hughes slumped to a loss in the third quarter as lower revenue due to reduced order intake for its core oilfield services business, as well as asset impairments, hit the US contractor’s bottom line.

The Houston-based company reported a quarterly net loss of $170 million, reversing a year-earlier profit of $57 million, as overall revenue tumbled 14% year on year to just over $5 billion.

BakerHughes also saw cash flow from operating activities drop 39% over the year to $219 million in the latest three-month period as drilling cutbacks by oil companies following an oil price crash due to the Covid-19 pandemic have eroded the contractor’s earnings.