Forum Energy Technologies, Inc. (NYSE:FET) Q3 2020 Earnings Conference Call November 6, 2020 10:00 AM ET
Company Participants
David Williams - EVP & CFO
Christopher Gaut - President, CEO & Chairman
Neal Lux - EVP, Operations
Conference Call Participants
Daniel Pickering - Pickering Energy Partners
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Q3 2020 Forum Energy Technologies, Inc. Earnings Conference Call. [Operator Instructions].
I would now like to hand the conference over to your host, Mr. Lyle Williams, Chief Financial Officer. Sir the floor is yours.
David Williams
Thank you, Lara. Good morning, and welcome to Forum Energy Technologies' Third Quarter 2020 Earnings Conference Call. With me today are Chris Gaut, Forum's Chairman and Chief Executive Officer; and Neal Lux, our Executive Vice President of Operations. We issued our earnings release after the market closed yesterday, and it is available on our website.
Before we begin, we would like to caution listeners regarding forward-looking statements. Our remarks today may contain information other than historical information. Please note that we are relying on the safe harbor protections afforded by federal law. All such remarks should be considered in the context of the many factors that affect our business, including those disclosed in our Form 10-K along with other SEC filings. Management's statements may include non-GAAP financial measures. For a reconciliation of these measures, refer to our earnings release. This call is being recorded and a replay of the call will be available on our website.
I will now turn the call over to Chris.
Christopher Gaut
Thanks, Lyle, and good morning. The U.S. drilling rig count in the third quarter was down over 70% from the previous year and 35% from the second quarter 2020 to the lowest levels on record. Despite this collapse, Forum was able to limit our revenue decline to just 9% sequentially
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