Is there a future for wireline within Weatherford? Is it close to be sold or it will be left to die slowly?
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Last I heard from contacts in the industry was that WFT was still packaging too much "debt relief" with it. They weren't 100% sure what was meant by that, but we figured that it meant that they were either trying to move some of the debt with the division, or it was code for them asking more than it was worth to have some extra money to put towards debt. Sounds like GE was interested before, but WFT fell too far back in too many areas, so it isn't just a buy and run operation anymore. NOV has been scaling back lately it seems as well, so doubtful they'll be doing acquisitions on that scale.
No one will buy WFT. You cant polish a turd. And its a turd.
What about SJP ?
NOV?
Any word on the buyer? GE?
Fort Worth wireline will be sold in the next couple of months.
They are moving wireline , RSS and bore hole enlargement to WHR. I guess they are gonna sh-t can the legacy tools to make room.
I don't think WFT will be able to really sell off the wireline division. Too many other companies already with better or at least equivalent equipment now, so buying WFT assets doesn't get them ahead any technologically, and with all of the cutbacks to the support staff in recent years, the equipment isn't in as good of shape as it should be. They had tools that they couldn't run properly anymore because the trucks couldn't do the speeds required. If they do sell it, they will be selling it for a big discount because they killed all the profitability in it.
We have hired enough managers yet someone has got to come around every now and then dressed with every kind of ppe that they can find and take pictures!!!!!!! and then run back to their comfortable offices!!!!! It's the Weatherford way !
What company is in the market to buy Wireline? Would another company buy it to shut it down or to take it over and keep some engineers who helped design the tools? R&D is moving, so any input is valuable.
I think there is too much competition for wft to be successful. Better service, quality, and equipment for better prices will win everytime. Wft cannot compete. Its expensive with so many manager salaries still on payroll.
I also think it is for sale or close to sold. Weatherford is liquidating all assets.
Wireline is an intensive business while Weatherford has a more project based outlook, better for them to sell it off because Wireline needs investments and Weatherford has neither capital nor Leadership.