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Weatherford Announces Major Steps for Cost Cutting and Debt Reduction

2017-02-06 | 10pm

The renowned oilfield services company Weatherford International has recently made some significant announcement which is a part of further cost cutting and debt reduction. The company has stated that they  plan to reduce  head count reduction plan by upto 3,000 employees.  Christoph Bausch, Chief Financial Officer and Executive Vice President of Weatherford has stated that, “At the time of this call, we have already reduced 2,000 employees out of the 3,000 mentioned before.” He made this announcement during the company’s earnings call for the fourth-quarter and full-2016 results: Bausch further added “that while its a cost cutting drive, Weatherford is all set to pull back the pumping operations in the U.S. along with close additional uneconomical field locations. All these action are expected to produce annualized cost savings worth US$300 million”. During the conference call, CEO Krishna Shivram stated that “company will continue its debt reduction by monetizing its U.S. pressure pumping business, as Weatherford has suspended the land pressure pumping operations during the fourth quarter. Hence, idling the last of the nine working crews”. Shivram further added, “We have decided to pursue a disposition strategy rather than reenter the frac market on US land.” He further stated, “There is a huge amount of interest in our frac business. We are discussing combinations, we are discussing outright sales and the potential -- we have not discussed IPOs so much, but the first two we have discussed.” He further added that “company is expecting to completely monetize the disposition of this business in the upcoming year 2017 and 2018”. .