"The OFS industry is facing the worst downturn since the early 1980s after an unprecedented drop in global oil and North American natural gas prices," Alam stated.
"Drilling activity has plummeted in most oil producing regions, curbing demand for oilfield support services," Alam added.
Global land drilling reached a 17-year low in April, according to the press release. In addition, the rig activity in the United States hit the lowest point in 40 years.
Oil prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 due to the global oil production outpacing the world’s demand.