Ades International Holding has completed the acquisition of eleven onshore rigs from Weatherford International in Saudi Arabia.
Aberdeen’s new £333 million conference centre is fuelling fresh interest in one of the biggest oil and gas industry exhibitions on the international calendar.
Drilling company Ades International Holding has bought 12 onshore rigs from Weatherford in Kuwait for £94 million.
Debt levels at oil field services companies have reached "unsustainable" levels, the debt rating agency Moody's Investors Service said in a new report.
Oilfield services firm Weatherford International said Monday it reported a $199 million loss in the third quarter, which still represents a small improvement from a $256 million loss last year.
Weatherford International will sell its laboratory services business for $205 million to a private equity group led by Houston's CSL Capital Management.
Financially struggling oilfield services firm Weatherford International finally has found a buyer to acquire its Middle East onshore drilling rig business for $287.5 million as part of its long-term divestiture plans.
Financially struggling Weatherford International is still losing money, but the energy services firm is shrinking its losses and growing its revenues.
Oil services company Weatherford International has scrapped plans for a joint venture with competitor Schlumberger and instead sold outright its pressure pumping and hydraulic fracturing fleet to the international giant for $430million in cash.
The boss of a major US oilfield service firm has said “disruption” is the order of the day as the sector continues to battle inefficiency.
The world is heading for a “bust” in oil and gas supply due to chronic levels of underinvestment in the sector during the downturn, industry chiefs said today.
The heads of two US oil service firms today revealed their fears about a lack of new talent coming into the sector.
An improving oil and gas industry has turned the market for energy initial public offerings upside down.
Schlumberger is forming a joint venture with Weatherford International in a bid to take on fracking king Halliburton Co.
Weatherford International said it plans to sell its U.S. hydraulic fracturing business and its Middle East drilling rig division as it continues to cut jobs worldwide.
Oilfield services firm Weatherford today announced the launch of a private offering of $500million worth of senior notes. The Houston-headquartered firm, which has a base in Aberdeen, said it would use the funds to repay amounts outstanding under Weatherford Bermuda’s revolving credit facility.
A new report on the oil and gas industry has said the worst is “perhaps” over as it highlights ways large companies in the sector can take advantage of “green shoots of recovery”.
Oil and gas industry chief Bernard Duroc-Danner is no longer in his job after an accounting scandal at the services giant he led as chief executive and chairman.
Weatherford has confirmed another round of cuts “due to loss of business opportunities”.
The carnage caused by lower oil prices is about to lay waste to a further 2,000 jobs globally at energy service firm Weatherford International.
Well management specialist Exceed has created a well decommissioning strategic alliance with Weatherford.
US oilfield services company Weatherford has insisted it was not responsible or liable for "highly dangerous" radioactive material stolen last year from a storage facility in southern Iraq.
Weatherford International Plc plans to lay off an additional 6,000 workers, about 15 percent of its workforce, over the first half of this year to cope with the worst crude market downturn in 30 years.
Weatherford International Plc shareholders are asking the company for one thing this quarter: Please, just be a little more boring. Over the last decade, the oilfield services provider has missed analyst estimates 20 times, settled a corruption probe and spent more than $150 million in professional fees to fix errors in its accounting. And last month, it abandoned plans to raise $1 billion for an acquisition just hours after announcing them. Now the company is seeking to build investor trust amid the worst oil market slump in decades. Chief Executive Officer Bernard Duroc-Danner needs to manage day-to-day activities in a way that will, for the first time in five years, generate more cash than the company spends, said David Anderson, an analyst at Barclays in New York. It’s a target Weatherford set for itself last year but failed to reach.
Weatherford has launched a consultation with staff in its UK operations for up to 75 positions. The move comes after the company revealed earlier this year it would be making redundancies across the globe as it looks to streamline costs. The redundancies will affect staff in its North Sea operations and staff have been informed of the move.