Canada-based PHX Energy Services said its activity in Albania fell by 42% measured by operating days in the first quarter of 2015 compared to the same period a year earlier.
Phoenix Albania's operations were dramatically reduced as operators reduced their drilling budgets in response to falling commodity prices, PHX Energy Services said in a statement posted on its website on Thursday.
"In response to the reduced activity levels, the Corporation has taken various cost-cutting measures, including staff reductions," it added.
PHX Energy Services, through its subsidiaries, provides horizontal and directional technology and drilling services to oil and natural gas producing companies in Canada, the U.S., Albania, and Russia.