Oil & Gas

Shrinking Weatherford reports $200m loss


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.

Oil & Gas

Weatherford to cut thousands more jobs


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.

Other News

Weatherford launches $500m private offering


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.

Oil & Gas

Weatherford investors seek ‘more boring’ from oilfield servicer


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.

Oil & Gas

Weatherford in consultation over headcount


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.