Weatherford announces Q4 loss, tie-up with Nabors
HOUSTON, February 2, 2017 – Oilfield services giant Weatherford International released its quarterly and annual earnings report on Wednesday, showing losses for both periods.
The Switzerland-based company said it lost USD 549 million on revenue of USD 1.41 billion for the final quarter of 2016. For 2016 as a whole, Weatherford posted a loss of USD 3.39 billion. Total revenue for the year amounted to USD 5.75 billion.
The company, however, was proud to announce it had significantly reduced its cost structure to what will amount to USD 601 million in annualised savings.
Weatherford also announced it is teaming up with Nabors Industries in an effort to provide more competitive drilling solutions to the US onshore market.
The strategic alliance will combine Weatherford’s drilling hardware and expertise, including its managed pressure drilling (MPD) solutions, with Nabor’s fleet of SmartRigs and special drilling equipment and software.
Weatherford CEO Krishna Shivram spoke about the collaboration in a company statement.
“We are very excited about the opportunity to strengthen our capabilities in the largest land market by jointly leading the creation of innovative integrated drilling solutions with Nabors,” Shivram said. “The future of automated drilling is here and we aim to play a significant role in this market evolution.”