Thread regarding Weatherford International Ltd. layoffs

Not sure there is a dummy who would buy it. Weatherford is tainted goods. Lab employees are treated like mushrooms. Kept in the dark and fed a hefty amount of sh--. There’s other turds in the pasture, this one is white and crispy. Here’s to greener pastures, fare thee well weathershmucks.

Rumor has it that fishing (ISDT), engineering big cuts on people and capex are all on the chopping block with private investors looking to buy it. Mark and his cronies believe it’s not the business they want to be in. Wireling / Formation Evaluation, Directional Drill and LWD make the best margins. And this is our company focus. TRS could also go. Whatever happens i’m sure Mark and his team will make the right decision when it comes time for bonuses!

I hate to admit they would have to sell some of the jewels so to speak. I am glad I was able to acquire mine when I the players were giving them to me.

All very good points.

I do wonder about their Production side and the true value. Now that they have matched just about everyone by moving their manufacturing overseas it is a commodity essentially with price being a driver and ability to deliver and service the next - with their issues with cash flow and cuts to their labor force it would appear they are begging to lag and as they killed any development programs (iMax) they have nothing in reserve.

They have a decent automation group as mentioned however it has always taken a back seat to everything else and not integrated into the larger group, think how often you see others automation kit on WFT pumping units and such = majority. They have also closed their Kingwood manufacturing and outsourced it. This causes issues again with the poor cash flow and their attempts to put vendors on net125 as though they were still a major player. Now that it is under the software teams manager we will see if he is able to sort some "One WFT" out of the rest of the BU and push the equipment sales or if he will simply leverage it in attempts to get their ForeSite product pushed.

Completions would appear to be questionable as well with discontent at Gulfbank. Again here they have some decent kit but Petowell is not feeding anything and they can't compete in gravel packing in GoM and have no real advance completion kit - or rather nothing that would allow them to deliver a complete solution. People are another problem for this team as well as all of the groups, they have lost a lot of great folks (some RIF others walked as they got tired of lies) but the few good ones left (all groups) can only stay so long as market rises as the other majors will pay more and actually pay a bonus when they say they will and issue merit raises and treat you with just a little respect (given all are bad at this, its the oilfield but WFT is the worse).

I think they are going to have to sell some of the jewels so to speak just to keep this thing afloat long enough so the tired board members and C-Suite can cash out and move along.

Goodbye WFT

There are probably a great many reasons why Weatherford has been unable to close the deals on the various product line sales they announced. Rigs has been up for sale for years but the biggest barrier to closing that deal has been Weatherford wants too much money and the assets have not been maintained well during the downturn. Those two factors make it difficult for a buyer to be convinced to close deal. There have been several attempts to get WDI through due diligence for a sale and it always falls apart.

I am not familiar with Labs as much as I am with the more drilling focused product lines but I suspect it is more of the same.

The real jewels that someone might want to buy are ALS, TRS, SDS and Completions. The problem with selling those is that what will be left at WFT if they sell the product lines that actually have some competitive advantage? If these product lines get sold it is a sign that the company is getting ready to liquidate in my opinion.