Rompetrol Well Services reported a 43% decline in turnover, to RON49.97 million, the company said in a preliminary earnings report.
It said exploitation revenue dropped 43.4% on the year in 2015, to RON50.1 million, while exploitation expenditure declined 32.6%, to RON53.97 million.
The company said the abrupt drop in international oil prices has caused a chain reaction throughout the oil industry, affecting investment and operating budgets and slashing demand for well services.
KMG International, owned by Kazakhstan’s KazMunayGas, owns two refineries in Romania. At the end of 2015, KMG International owned 73% of Rompetrol Well Services. Another significant shareholder is investment fund KJK, with 10.68%.