Weatherford to cut thousands more jobs

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Source: Aberdeen Journals Ltd  02/02/2017

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.

The financially struggling oil field services giant is focused on downsizing and debt reduction. Weatherford executives said Thursday they’re cutting another 2,000 jobs worldwide early this year while closing additional facilities. However, it wasn’t immediately clear if that includes about 1,000 positions already eliminated in the fourth quarter of 2016.

Since the beginning of 2014, Weatherford has reduced its workforce to below 30,000 from more than 67,000. That includes about 9,000 jobs cut in 2016 with more coming early this year. The company was struggling financially even when oil was at $100 a barrel and began eliminating jobs before the bust.

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