UPDATE 1-Superior Well Q3 loss meets street view

* Q3 loss $0.54 vs est of -$0.54

* Q3 Rev falls 38 pct

Oct 27 (Reuters) - Oilfield services company Superior Well Services Inc (SWSI.O) swung to a loss in its third-quarter, in line with analysts' expectations, as the company took cost control measures to offset declining drilling activity.

"While U.S. drilling activity declined in the first six months of 2009, we have seen a slow and steady improvement in the U.S. land rig count from the June lows," CEO David Wallace said in a statement. For the third quarter, the company reported a net loss of $11.8 million, or 54 cents a share, compared with a profit of $14.9 million, or 64 cents a share, a year earlier.

Revenue fell 38 percent to $90.8 million.

Analysts were expecting a loss, before special items, of 54 cents a share, on revenue of $93.1 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $12.66 Monday on Nasdaq. (Reporting by Thyagaraju Adinarayan; Editing by Kavita Chandran Budhraja)