Sector News

Weatherford to make further job losses as profits drop in second quarter

July 23, 2015

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.

The reduction accounts for around 20% of its workforce.

Weatherford, who included the announcement in its second quarter results for the year, has also closed three manufacturing and service facilities.

The company said it plans to close 30 facilities by the end of the year.

Chief executive Bernard Duroc-Danner said the second quarter had been “difficult to navigate”.

He added: “Market conditions will not improve significantly in the balance of the year.

“There will be modest activity increases in North America and selecte international geographies but these will not be material.

“In this environment, we expect to grow market share internationally and benefit from better operating economics in the US.”

Second quarter profits came in at a loss of $489million compared to a loss of $145million in the same period last year.

Revenue also decreased from $3.7billion to $2.5billion.

By Niamh Forrest

Source: Energy Voice

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