Weatherford to slash additional 3,000 jobs
Ireland This new figure adds to the 11,000 jobs Weatherford already planned to cut in a bid to cut costs according to its third-quarter report, increasing the workforce reduction target to 14,000 by the end of the year. In addition to the decrease in the workforce, the company has closed five of its seven planned manufacturing and services facilities.
The announcement comes after oilfield services provider reported an after-tax net loss of $489 million for the second quarter of 2015. Cost cutting has enabled the company to save $2 billion in 2014 and 2015.
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