WFT cut last year because it simply had too large of a headcount for the revenue compared to the industry. WFT WILL cut 10-20% due to the current state of the market. Yes it will have an adverse impact because WFT is very inefficient as is and hid behind large employee counts for tasks that were no-value-add waste. The thought would be to reduce headcount to cut overhead and expenses to match the downturn and force internal efficiency improvements to stay afloat. To be honest, WFT is currently looking down the barrel of bankruptcy or a sell out if things don't change real soon.
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The Muncy Pennsylvania yard just got crushed most of the staff furloughed for 60 days and then severed if no work had. The entire industry is in the hole even the vendors and suppliers.
http://www.rigzone.com/news/oil_gas/a/136965/Weatherford_Eliminates_COO_Role_amid_Oil_Slump
Weatherford is its' own worst enemy. Who needs competition.
Agreed 100%