The company also reported 72% lower revenue in January-March.
Rompetrol Well Services, which is working for the main oil and gas producers, OMV Petrom and Romgaz, posted a turnover of RON15.2 million in the first three months of the year.
“The Romanian well service market has been negatively impacted in 2014 by the delay in obtaining the building permits available for local customers, as well as by the significant cut in operating and investment plans of our clients, triggered by the sharp oil price fall in the second half of the year,” the company said in a statement.
The price of Brent crude oil fell 50% in the second half of 2014, from $108 per barrel on July 1, to $57 per barrel in the last day of the year. Although the price rose to $66 per barrel since then, oil producers considered the oil price was unsustainable and decided to cut their investment budgets.
KMG International, the former Rompetrol group, owns 73% in Rompetrol Well Services, whose shares are listed on the Bucharest Stock Exchange.