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.
Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Shares of WFT remained unchanged at $10.88. In the past year, the shares have traded as low as $10.59 and as high as $18.33. On average, 9461750 shares of WFT exchange hands on a given day and today's volume is recorded at 4060544.
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