Oilfield services provider TechnipFMC Plc said Feb. 10 that it expects to take asset impairment charges of $2.4 billion in the fourth quarter as producers cut spending due to lower prices for oil and gas.

TechnipFMC also said it expects 2019 revenue to be near $13.5 billion, the midpoint of its previously estimated range, and forecast goodwill impairment charge in the subsea segment to account for $1.3 billion of the total charges.

Weakening North American shale activity due to lower oil prices has taken a toll on oilfield services provider, with Halliburton Co. disclosing a $2.2 billion charge last month, while Schlumberger Ltd. outlined an aggressive cost-cut plan.

TechnipFMC said its market capitalization had declined significantly, driven in part by geopolitical uncertainty and lower commodity prices.