Feb 26 Oilfield services company Weatherford
International Ltd posted a loss on Monday for the
fourth quarter, hit by a sharp decline in North American
earnings, though its overall revenue came in ahead of analysts'
The company also said it expects to announce in its annual
report that it has not completed the remediation of previously
disclosed material weakness in its controls over past tax
reporting. That issue has already led to payment of hundreds of
millions of dollars in back taxes for the past five years.
Weatherford posted a fourth-quarter loss of $122 million, or
16 cents per share, compared with a loss of $13 million, or 2
cents per share, a year ago. Excluding items including the costs
of the tax remediation efforts and losses associated with Iraq
contracts, the company earned $8 million, or 1 cent per share.
Revenue increased 9 percent to $4.06 billion, ahead of the
average estimate of $3.91 billion on Thomson Reuters I/B/E/S.
While revenue fell slightly in North America, where
operating profit fell 41 percent, sales grew in all its other
markets by 18 percent.
Weatherford, which four years ago moved its headquarters to
Switzerland, has been actively trying to reach further beyond
its traditional U.S. market.
International expansion has been a boon to industry leader
Schlumberger Ltd and Halliburton Co, which both
topped average fourth-quarter profit estimates as global
earnings offset the effects of a North American drilling slump
due to the natural gas glut there.