The oil field services giant Weatherford International lays-off 3,000 more jobs worldwide, reducing pressure-pumping operations in USA and removing structure in two deepwater regions – the Asia-Pacific and Sub-Sahara Africa. Most of the planned job cuts will be in land operations, as company is selling its US fracking business and its Middle East land drilling rig division, hoping to attract 2 billion USD from the both transactions. However, large-scale lay-offs are planned in the offshore division, but exact figures were not released. Weatherford International stops operations in Asia-Pacific and Sub-Sahara Africa, where has two deepwater structures. The company also plans general streamlining.
“Weatherford will reinvent itself and thrive”, said the CEO of the company, Krishna Shivram. “For Weatherford, being predictable and boring is a damn good thing”, added he.
The company struggles from debt of 6.5 billion USD, accumulated during the years of collapse in oil price, but intends to reduce it below 3 billion USD over the next four years.
Weatherford is one of the largest multinational oil and natural gas service companies. It provides products and services for drilling, evaluation, completion, production and intervention of oil and natural gas wells, along with pipeline construction and commissioning. Headquartered in Switzerland, Weatherford operates in more than 100 countries and employs more than 35,000 people.