UPDATE 1-Natco sees FY09 profit below analysts' estimate

Jan 7 (Reuters) - Oilfield services provider Natco Group Inc (NTG.N) forecast 2009 earnings below analysts' estimates, amid uncertainty in global commodity markets.

The company forecast 2009 earnings per share of $2 and revenue of $725 million.

Analysts on average were expecting earnings of $2.25 a share, on revenue of $665.9 million, according to Reuters Estimates.

"This year will be challenging for our entire industry as many fundamental drivers of our business remain uncertain," Chief Executive John Clarke said in a statement.

The company also said it would stop providing outlook for its quarterly results, but will update its annual outlook throughout the year.

Natco said its current 2009 outlook was premised on commodity prices for U.S. natural gas averaging $5.50 per thousand cubic feet and oil prices averaging $55 per barrel for the year.

Based on these assumptions, the company said it expects U.S. rig count to fall to about 1,450 rigs for 2009, compared with a high of 2,449 in 2008.

"Global projects which are substantially in flight are expected to be completed as planned with new project awards subject to increased risk of delay or deferral," said the company.

Shares of Natco closed at $16.90 Tuesday on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB7399] (Reporting by Arup Roychoudhury in Bangalore; Editing by Amitha Rajan) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))