The company saw a loss of $1.28 billion in the three-month period, compared to a profit of $476.5 million last year, as the company booked impairments on assets of $1.38 billion.

Revenues in the quarter fell to $1.5 billion, compared to $2 billion in the third quarter of last year.

Earnings before interest, tax, depreciation and amortisation (Ebitda) also dropped to $929 million from $1.4