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.