Weatherford Reports Q4 Rise in Profits

US-based Oilfield services company Weatherford International has reported a 30% rise in fourth quarter profits for 2007 to hit US$345m ($0.99 per diluted share).

The company says fourth quarter revenues were US$2,192m, 21% higher than the same period last year, against a backdrop of a 2% increase in rig count activity, representing the highest quarterly revenues in the company's history.

Weatherford is one of the largest global providers of mechanical solutions, technology and services for oil and gas drilling and production.

By staff writer