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.
Oilfield services giant Weatherford International has made a 180-degree about turn by announcing it will not to pursue its plans to raise $1billion of fresh capital.
Weatherford said it plans to increase the number of headcount reductions within the company to 11,000. The number is up from the previous estimate of 10,000 and is expected to come from support staff within the US. The move has been made in response to what Weatherford sees as a weakening market in North America.
Energy service giant Weatherford International said yesterday it had ramped up job cuts to 10,000 in response to lower oil prices. The number is 2,000 more than it had previously announced for this year and the new total will leave it with about 39,000 people in its core global operations, plus 6,000 on rigs. Weatherford, which has its global headquarters in Switzerland, with Europe and Caspian business run from offices in Aberdeen, said most of the extra 2,000 jobs being axed were in North America.
Energy service giant Weatherford International is axeing 9% of its global workforce as the job cull across the oil and gas industry in response to low crude prices continues. The latest redundancies mean about 5,000 people among Weatherford’s 56,000-stong head-count will soon be out of work. But the group’s largely Aberdeen-based eastern hemisphere operations, serving markets such as the North Sea, Middle East, East Asia, Australia and west Africa, will be spared the worst.
Weatherford will reduce its workforce by 9% - estimated to be around 5,000 jobs – as it looks to save costs. The company said the job losses will be made to staff within its operation and support positions and are most likely to be made in the Western Hemisphere. The move is in line with a number of companies, including BP and Schlumberger, who have announced a reduction in their headcounts.