Weatherford said its third-quarter net income fell 79% when they was out with the Q3 this week, hurt by lower North American revenue.

Third quarter revenues were $2,150 million, or 15 percent lower than the same period last year, against a backdrop of a 39 percent decrease in global rig count. North America was primarily responsible for the decline, with revenues decreasing 47 percent against a 52 percent decline in rig count. International revenues were up 12 percent against an 11 percent decrease in international rig count.

Third quarter diluted earnings per share from continuing operations reflect a decrease of 76 percent over the third quarter of 2008 diluted earnings per share from continuing operations of $0.55, before severance and investigation costs.

Results for the third quarter include a tax benefit of approximately $0.05 resulting from the lowering of the company's estimate of its effective tax rate, as well as a negative $0.02 impact from higher losses on foreign currency remeasurement and the settlement of a legal dispute. In addition, third quarter results include a gain of $27 million recorded pursuant to Statement of Financial Accounting Standards No. 141(R), Business Combinations, in connection with the revaluation of contingent consideration associated with an acquisition.

"We have seen no contractual instances of further decline in pricing," Duroc-Danner said during a conference call to discuss the company's third quarter earnings

Analysts polled by Thomson Reuters had forecast earnings of 13 cents on revenue of $2.15 billion.

Tags: Weatherford International Ltd