The company said in a statement that Q2 revenue was impacted by the "unprecedented decrease in US drilling and completion activity levels, as evidenced by the roughly 67% decline" in the US drilling rig count from the Q1 average to current levels.
Forum Energy said it expects the sharp decreases in revenue to have a significant impact on its financial results, including net income, and operating income.
Forum's Q2 full report will be released at the beginning of next month.
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