Losses at oil field service firm Frank’s International narrowed slightly to £48.4 million as shorter contracts led to “ebbs and flows” in its margins.
Houston-headquartered Frank’s, which has a base in Altens, Aberdeen, had recorded pre-tax losses of £52.6m in the first six months of 2017.
First half revenues increased by 8.5% to £192m as its international services segment picked up.
Second quarter revenues totalled £102m, up 13% year-on-year.
Frank’s chief executive Michael Kearney said: “The second quarter results are another step forward for Frank’s on our path to sustained, profitable growth.
“We are experiencing success in winning new business in our tubular running services business with our technology and safe, reliable service in the U.S. and abroad. We are also seeing increased adoption of the Blackhawk products and services, as well as our portfolio of drilling technologies, particularly in international markets.”
“While the shorter duration of some new contracts for our services is leading to ebbs and flows in our revenue and margins, we are optimistic of a sustained positive trajectory of the market overall.
“We remain committed to achieving our goal of optimizing our tubular services business, controlling our costs to improve profitability and the continued expansion of our Blackhawk segment to new international markets.”