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Weatherford To Divest $1 Billion, Cut 7,000 Employees

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By Darren Barbee, Hart Energy
February 28, 2014

Weatherford International Ltd. (NYSE: WFT) expects to reap $1.1 billion-$1.3 billion in revenues as it sells four noncore businesses by the end of 2014.

Weatherford has focused teams working to sell its pipeline and specialty services, testing and production services, drilling fluids and wellheads operations. The company also plans an initial public offering (IPO) or spinoff of its land drilling rig business in the fourth quarter of 2014 or first quarter of 2015.

Weatherford, one of the world’s largest diversified oilfield services companies, has also identified thousands of people whose ...

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