The chief executive officer of Weatherford International Ltd. (WFT), Bernard J. Duroc-Danner, said Monday that the company has significantly reduced the number of rigs working in Venezuela.

The company has dropped its number of rigs in Venezuela to two rigs from a rig count of seven. The company has lost half of its business in Venezuela over the last three quarters.

"There has been a scale down in general in Venezuela," Duroc-Danner said in a conference call to discuss the company's second quarter earnings.

-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com