The oilfield services player posted a net loss in the three months to the end of June of $217 million, as compared with a profit a year earlier of $286 million.
Revenues were slashed from $3.91 billion to $1.72 billion, with the rig systems wing seeing revenues slide a massive 71% to $564 million.
Wellbore technologies revenues sank 47% to $511 million, rig aftermarket sales were down 45% at $364 million, and completion and production solutions revenues were $538 million, a drop of 28% year-on-year.
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