The revenue of US oilfield services company Baker Hughes declined by around 12% in the first quarter to around $4.8 billion compared to the same period a year earlier, according to its financial results statement released on Wednesday.
The Houston-based oilfield service provider's revenue was down by $3 billion, or 13%, in 2020 to nearly $20.7 billion.
The company posted a net loss of $452 million in the January-March period of this year, compared with a loss of $10.2 billion for the same period last year.
"As we look ahead to the rest of 2021, we remain cautiously optimistic that the global economy and oil demand will recover from the impact of the global pandemic. We expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022," Lorenzo Simonelli, Baker Hughes chairman and CEO, was quoted as saying in the statement.
"We remain focused on executing our strategy, and are well positioned to benefit from an economic recovery while leading the energy transition and the journey to net zero. We will continue to take energy forward by supporting our customers, staying disciplined on our strategic priorities, and delivering for our shareholders," Simonelli noted.
By Sibel Morrow