Deep Down, a US-based oilfield services company, narrowed loss in the first quarter.
Namely, the company reported a net loss of $0.5 million, compared to a net loss of $1.3 million in the first quarter of 2015.
Revenues fell to $4.4 million, from 5.8 million a year ago, due to, Deep Down explained, some large projects having longer than expected engineering cycles due to a series of requested changes.
“The prolonged engineering resulted in delays in the commencement of procurement and manufacturing activities, thus reducing the corresponding revenues to be recognized,” said the company which specializes in complex deepwater and ultra-deepwater oil production distribution system support services.
Ronald E. Smith, Chief Executive Officer, stated, “Oil prices have continued to stay at lower than ideal levels, resulting in more project delays, lower than expected first quarter results and prolonged uncertainty over the future in the industry. However, we feel confident that our historically high backlog, coupled with our focus on continuing to maintain a strong balance sheet, our recent organizational restructuring, and our closer collaboration with our customers will all enable us to successfully navigate the current low oil price environment, while we prepare for the inevitable rebound.”