As part of its overall second quarter earnings for 2010, Swiss multinational oilfield services group Weatherford International today reported its MENA region revenues of US$601 million were 1% higher than the second quarter of 2009 and 6% higher than the prior quarter. On a sequential basis, strong performances in Iraq and China were partially offset by weakness in Saudi Arabia and Libya.
The current quarter’s operating income of $78 million decreased 37% compared to the same quarter in the prior year and decreased six percent compared to the prior quarter.
The company’s income for the quarter was US$80 million, or $0.11 per diluted share, excluding an after tax loss of $0.15 per diluted share. The excluded after tax loss was comprised of an $82 million non-cash charge for a fair value adjustment to the put option issued in connection with the TNK-BP acquisition and $24 million, net of tax, for severance and investigation costs. Second quarter diluted earnings per share reflect an increase of 10% over the second quarter of 2009 diluted earnings per share of $0.10, before severance and investigation costs.
Weatherford Chairman and CEO Bernard J. Duroc-Danner commented: “The second quarter was progress with the United States and Russia singled out as the highest performers. The outlook for North America appears constructive. Client feedback leads us to believe that operators are planning to accelerate activity in international markets.”
Weatherford is a global providers of mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 53,000 people worldwide.
