Weatherford Net Profits Fall

20 July 2009 (Last Updated July 20th, 2009 18:30)

US services company Weatherford International has reported net revenues of $1.99bn for the second quarter of 2009, down 11% compared with net revenues of $2.23bn in the same quarter last 2008. The company has also reported a net income of $50.5m, or $0.06 per diluted share, for the secon

US services company Weatherford International has reported net revenues of $1.99bn for the second quarter of 2009, down 11% compared with net revenues of $2.23bn in the same quarter last 2008.

The company has also reported a net income of $50.5m, or $0.06 per diluted share, for the second quarter of 2009, compared with the net income of $378.3m, or $0.53 per diluted share, in the same quarter last year.

Weatherford's North America business was responsible for the decline with revenues decreasing 44% against a 50% decline in rig count. International revenues were up 17% against a 9% decrease in international rig count, the company said.