Louisiana offshore engineering group Global Industries reported a net loss of $102.8 million, or a loss of 90 cents per diluted share, in the third quarter, compared to net profits of $31.5 million, or 27 cents per diluted share, in the third quarter of 2007.
The company attributed the loss to continuing problems at projects in Brazil and Saudi Arabia.
"We are most disappointed to report such a large operating loss for the quarter, but a thorough review and analysis of the conditions we have been and are continuing to experience on our Saudi Arabian and Brazilian projects requires us to do so,” said incoming chief executive John Clerico.
BK Chin resigned as chief executive last week in the wake of the poor results.
Global recorded a gross loss of $88.9 million in the period, a fall of $145.7 million. The figure included an $83.3 million gross loss on the Berri and Qatif project in Saudi Arabia and a $17.5 million loss on the Camarupin project in Brazil.
Revenues rose to $218.6 million in the period from $203.5 million previously, reflecting growth in the company’s Asia-Pacific and Latin America markets, offsetting lower turnover in North America, the Middle East and Africa.
The company said it had booked $200.2 million in net new work in the period, bringing its order backlog to $397.2 million.
For the year to date, the company reported a net loss of $89.4 million, or a loss of 78 cents per diluted share, compared with net earnings of $127.1 million, or $1.08 per diluted share, in the first nine months of 2007.
Revenues for the year to date were $820.6 million, compared to $729.5 million in the same period last year.
