Wft was never good at competing they were always kind of third call. Usually about 25% higher on price which is ok when availability is tight but not ok when it gets slow. The wft business model was too hard to understand for many of the salesmen and managers. You cant knock the customer in the head every time
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There’s not going to be any splitting or buying from anyone, that’s just wishful thinking by people who are desperate for some knight in shining armor to come along and save the day. Weatherford are in their death throes financially and have been for years. Weatherford are losing millions every quarter and chapter 7 is just around the corner. Whoever decides to pick up a bargain will wait and get it for pennies at the eventual fire sale.
Agree with some of the comments. We are still losing a wad of cash every quarter, the new debt could last 12-18 months max before we are seen as dead in the water again. Take WFT out and the industry has one less competitor. With our debt all but gone it won’t be big money to acquire either. Ultimately the debt holders want their money back one way or the other, they will decide the Company’s future.
BS!!
Something like this will certainly happen in the near future. Weatherford has proven an inability to be profitable despite the so-called transformation into One Weatherford, continued layoffs, and the sell off of Labs, Rigs and so forth. They just have to keep from collapsing into Chapter 7 long enough to carve up this turkey.
Oh lol.. my goodness what a clown car. How did this hapoen
Who gets all the managers ? ( the booby prize )