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Weatherford has announced it is going to cut 7,000 jobs and said fourth-quarter profits would miss the forecasted numbers.

The company says results will be hurt by severe winter in North America and operational disruptions in the Middle East.

Weatherford had about 70,000 employees at the end of 2012, and expects to save $500m from the job cuts annually.

The company said earlier this week that its net debt had been reduced by close to $700 million during the fourth quarter of 2013.