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Weatherford to sharpen focus on profitable business lines
November 13, 2012 / 2:35 PM / in 5 years

Weatherford to sharpen focus on profitable business lines

Nov 13 (Reuters) - Oilfield services company Weatherford International Ltd will sharpen its focus on more profitable growth to shape up after a year of tending to problems with its taxes, its chief executive said on Tuesday.

CEO Bernard Duroc-Danner also said that once the tax remediation was done, he would turn his attention back to selling about $1 billion in assets - a plan that originally emerged in 2011.

Late on Monday, the company reported a decline in pretax earnings and gave an outlook for the fourth quarter that was below market expectations. Weatherford’s Switzerland-traded shares fell nearly 9 percent.

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