Weatherford International Company News

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Weatherford Posts Smaller-Than-Expected Loss On Higher Drilling
Friday, July 27, 2018 Weatherford International reported a smaller-than-expected loss.

Weatherford Is Said to Plan Sale of Laboratories Business
Monday, June 11, 2018 The Swiss oilfield services company Weatherford International Plc is considering a sale of its laboratory business, according to people with knowledge of the matter.

US Oil Service Firms Face Hit from Venezuela Debt Restructuring
Monday, November 06, 2017 The companies' services are critical for Venezuela.

Weatherford Names Former Halliburton CFO Its New Chief
Tuesday, March 07, 2017 As the newly appointed CEO of Weatherford International, former Halliburton finance boss Mark McCollum brings "instant credibility" to the embattled services company, analysts say.

Document: Algeria's Sonatrach Awards $180M in Oil Service Contracts
Sunday, May 08, 2016 Algerian state energy company Sonatrach awards oilfield services firms Schlumberger and Weatherford contracts for cementing and pumping services, according to a Sonatrach document.

Aker Posts Lower Profits, Cuts Workforce Salary
Friday, February 12, 2016 Aker Solutions becomes the latest oil and gas services company to announce a fresh round of cuts amid the lower oil price.

Oilfield Services Provider Weatherford to Cut 6,000 Jobs
Wednesday, February 03, 2016 Weatherford says it will cut about 6,000 jobs during first half of 2016 in response to steep drop in oil prices.

Journey to C-Suite: Weatherford's EVP Shares Lessons Learned Along the Way
Thursday, November 05, 2015 Weatherford EVP Christina Ibrahim talks diversity, industry challenges and opportunities during the downturn with Rigzone.

Weatherford Plans 3,000 Additional Job Cuts
Thursday, October 22, 2015 Weatherford plans to cut 3,000 additional jobs by the end of the year.

Weatherford Drops $1B Fundraising Plan
Tuesday, September 22, 2015 Unable to obtain prices that reflect company value, Weatherford rescinds billion-dollar offering.

Weatherford Raises Layoffs Target to 11,000
Thursday, July 23, 2015 Weatherford increases its worker layoff target to 11,000 as weakness in the North American oilfield service market activity continues.

Swire Oilfield Services Secures 5 Year Contract with Weatherford in Brazil
Monday, June 29, 2015 Swire Oilfied Services secures a five year contract with Weatherford in Brazil.

Oil Services Company Weatherford Raises Job Cuts Target to 10,000
Thursday, April 23, 2015 Oil services company Weatherford increases the total number of employees it is looking to lay off in 2015 to 10,000 as it copes with the fall in oil prices.

Weatherford To Cut 5,000 Jobs As It Fights Oil Slump
Thursday, February 05, 2015 Weatherford plans to cut 5,000 jobs, or about 9% of its workforce, by the end of the first quarter as the oil services company tries to save costs amid sinking oil prices and budget cuts.

Weatherford Eliminates COO Role amid Oil Slump
Wednesday, January 28, 2015 Oil services firm Weatherford International says it will eliminate the position of chief operating officer as it copes with the 60-percent slide in global crude oil prices.

Well Abandonment: Q&A with Weatherford International
Friday, November 28, 2014 Rigzone talks to Delaney Olstad, a business development manager for Weatherford, about how the oil and gas industry can best tackle the activity of well abandonment.

Weatherford Appoints 2H Offshore to Develop MPD System Riser Equipment
Tuesday, October 07, 2014 2H Offshore has been appointed by Weatherford Secure Drilling services to manage the design and delivery of the riser equipment for its Managed Pressure Drilling (MPD) system.

Baker Hughes Finalizes Deal for Weatherford Business
Tuesday, September 02, 2014 Baker Hughes and Weatherford close the previously announced purchase and sale of Weatherford's pipeline and specialty services business.

Rosneft Closes Weatherford Rigs Deal
Friday, August 01, 2014 Rosneft closes a deal to acquire land drilling and work-over assets from Weatherford.

Russia's Rosneft Agrees to Buy Weatherford's Russian, Venezuelan Assets
Sunday, July 13, 2014 Rosneft agrees to buy the Russian and Venezuelan drilling and well-servicing assets of Weatherford International.

China's Sinopec, Weatherford In Oil Services JV As Shale In Focus
Wednesday, May 21, 2014 Sinopec and Weatherford are set to form a joint venture oilfield services firm, a move that could help Sinopec lead in tapping into the nation's potentially vast shale resources.

Weatherford Says Cutting Back Venezuela Operations
Monday, March 24, 2014 Weatherford says it is reducing operations in Venezuela and expects its Russian business to grow this year.

Weatherford Sells Pipeline, Specialty Services Business to Baker Hughes
Monday, March 24, 2014 Weatherford and Baker Hughes sign an agreement for the sale of Weatherford's pipeline and specialty services business to a subsidiary of Baker Hughes for $250 million.

Oilfield Services Provider Weatherford To Cut 7,000 Jobs
Thursday, January 30, 2014 Weatherford says it would cut 7,000 jobs and warns that its 4Q profit would miss its forecast, hurt by severe winter in North America and operational disruptions in the Middle East.

US Fines Weatherford $253M Over Iran Work, Junkets
Tuesday, November 26, 2013 Weatherford will pay fines to the US government to settle charges that ranged from flouting sanctions against Iran and Syria to sending business partners on World Cup soccer junkets, officials say.

Weatherford To Cut Debt By Up To $5 Billion In Two Years
Tuesday, November 05, 2013 Weatherford will cut its debt by up to $5 billion in the next two years as it boosts cash flow and divests assets, the company's CEO says.

Iraq Awards $348M of Drilling Deals for Maysan Oilfields
Tuesday, September 03, 2013 Iraq has awarded $347.8 million worth of drilling contracts for the Maysan oilfields in the south of the country, a government statement says.

Weatherford, China's Sinopec Close to Oil Service Tie-Up; Shale in Focus
Friday, August 02, 2013 Sinopec Corporation and Weatherford International are in advanced talks about forming a joint oilfield service company to help unlock China's vast shale resources.

Weatherford Retreats From Full-Service Oilfield Battle
Wednesday, July 31, 2013 Weatherford abandons its ambitions to sell a wide variety of services across the oilfield spectrum, and is instead sharpening its focus on what makes the most money.

Weatherford Wins $843M Iraq Zubair Field Contract
Tuesday, June 19, 2012 Weatherford wins a $843M crucial oil field facilities contract from Eni-led group that will boost oil production from Iraq's Zubair oil field, a government spokesman said.

Proserv Takes Reins of Weatherford's Subsea Controls Business
Thursday, May 10, 2012 Proserv Group Inc. has acquired the subsea controls business of Weatherford International.

Proserv to Expand Through Business Venture with Weatherford International
Monday, April 30, 2012 Global-leading energy production technology services company Proserv is bolstering its rapidly-expanding subsea capabilities and specialist integrated services and increasing its workforce by more than 300 people.

Weatherford CEO: Expect Higher Margins In 2Q 2012
Tuesday, April 24, 2012 Weatherford International expects growth across the board for 2012 as the company tries to win over investors flummoxed by the oil services company's recent failure to meet profit expectations.

Weatherford Notes Senior Notes Offering
Friday, March 30, 2012 Weatherford announced the pricing of the offering by Weatherford Bermuda of $750 million aggregate principal amount of 4.50% Senior Notes.

Weatherford 4Q 2011 Revenue Up 27%
Tuesday, February 21, 2012 Fourth quarter revenues of $3.71 billion were the highest in the company's history. Revenues were 10 percent higher sequentially and 27 percent higher than the same period last year.

Judge Dismisses All Macondo Claims Against Weatherford International
Monday, February 13, 2012 US District Court Judge Carl Barbier said no evidence that the Weatherford float collar used in the production string of Macondo well was defective.

Weatherford Captures the 'Big Picture' in Offshore Ops
Wednesday, November 09, 2011 Weatherford is capturing photographs in challenging environments without the need for a 'hot permit'.

Weatherford 3Q Earnings Double in 2011
Tuesday, October 25, 2011 Third quarter revenues of $3.37B were the highest in the company's history. Revenues were 33 percent higher than the same period last year and 11 percent higher than the prior quarter.

Weatherford Reaches Record Revenues in 2Q11
Tuesday, July 26, 2011 Second quarter revenues of $3.05B were the highest in the company's history, 25% higher than the same period last year and 7% higher than the prior quarter.

BP, Weatherford In Settlement on Deepwater Horizon
Monday, June 20, 2011 BP on Monday reached a settlement with Weatherford's U.S. subsidiary that indemnifies the oil-services company from future Deepwater Horizon-related disaster claims.

Weatherford Plans to Sell Up To $1B in Assets -Wells Fargo
Wednesday, June 15, 2011 Weatherford plans to sell between $500 million and $1 billion worth of assets, according to analysts with Wells Fargo Securities.

Weatherford Swings to Profit in 1Q11
Thursday, April 21, 2011 Weatherford reported first quarter 2011 income of $78 million, or $0.10 per diluted share, excluding an after-tax loss of $18 million.

Lamprell Bags Weatherford Contract
Wednesday, March 30, 2011 Lamprell has received a new contract award from Weatherford for the engineering, construction and delivery of two 3000HP land drilling rigs.

Weatherford Scores MWCC Design, Construction Contract
Wednesday, March 16, 2011 Weatherford announced that the MWCC has awarded the co. a contract for the design and construction of the topsides process modules for two dynamically positioned tankers to operate in the GOM.

Weatherford Touts Record Revenues in 4Q10
Tuesday, January 25, 2011 Fourth quarter revenues of $2.901B were the highest in company history and produced the highest quarterly sequential growth rate in the recent past.

Weatherford Gets Nod to List on Swiss Exchange
Friday, November 12, 2010 Weatherford reports that the Swiss Exchange ("SIX") has approved the listing and trading of its shares on SIX starting 17 November 2010, under the stock ticker WFT.

Weatherford Notes Total Consideration for Maximum Tender Offer
Wednesday, October 20, 2010 Weatherford announced the reference yield and the total consideration for each series of notes subject to its previously announced Maximum Tender Offer.

Weatherford Sees 87% Net Increase in 3Q10
Tuesday, October 19, 2010 Weatherford reported third quarter 2010 income of $132 million, or $0.18 per diluted share, excluding an after tax gain of $0.01 per diluted share.

Weatherford Briefs on Tender Offers
Thursday, September 23, 2010 Weatherford announced that approximately $167,066,000 in aggregate principal amount of notes were tendered pursuant to the previously announced cash tender offer by Weatherford, for any and all of its outstanding 6 5/8% Senior Notes.

Weatherford Sells $1.4B of Debt in Refinancing Effort
Friday, September 17, 2010 Weatherford signed a commitment letter for a new $1.75 billion senior unsecured revolving credit facility to improve its balance sheet and liquidity position.