Weatherford International announces job cuts and sell-offs

NYSE-listed oilfield services provider Weatherford International said on Thursday it is cutting 3,000 more jobs worldwide, according to the Houston Chronicle.

The company, incorporated in Ireland but operating out of Houston, works both offshore and on land.

Most of the coming cuts will be to land operations with Weatherford selling its US fracking business and its Middle East land drilling rig division. It hopes to raise $2bn with the sales.

A major player in deep-water drilling services, Weatherford has been struggling for some time.

Since the start of 2014 it has slashed its workforce from 67,000 to less than 30,000, including 9,000 axed in 2016.

In November 2016, its chairman and CEO Bernard Duroc-Danner resigned.

Weatherford was originally founded in Weatherford, Texas, in 1941.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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