Energy equipment and services company Weatherford International Ltd. saw its fourth-quarter net income increase by 5.2 percent.

The Bermuda-based oilfield services provider yesterday posted net income of $348.1 million, or 50 cents per share, on revenue of $2.6 billion, for the three months ended December 31, 2008. That compared with net income of $331 million, or 47 cents per share, on revenue of $2.2 billion for the same period in 2007. Analysts polled by Thomson Reuters expected Weatherford to have net earnings per share of 52 cents.

For the year, net income was $1.4 billion, or $1.98 per share, on revenue of $9.6 billion, compared with net income of $1.1 billion, or $1.58 per share, on revenue of $7.8 billion, in 2007. In December, Weatherford announced that it planned to change its place of incorporation to Switzerland from Bermuda and relocate the company's principal executive offices from Houston to Switzerland.