Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/weatherford-begin-workforce-reduction-of-5000.shtmlWeatherford begin workforce reduction of 5000
Due to the quickly changing market conditions, Weatherford International is aligning and reducing costs as well as organizational
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Due to the quickly changing market conditions, Weatherford International is aligning and reducing costs as well as organizational structures to match the new environment. As a result, they plan a leaner structure and a tighter organization.
The Company have commenced a reduction-in-force exercise targeting 5,000 positions, of which more than 85% are located in the Western Hemisphere. The headcount reduction is expected to be complete by the end of the first quarter of 2015, resulting in expected annualized savings of over $350 million. Weatherford is also offering a Voluntary Separation Opportunity Program to eligible employees as part of the recognized need to reduce our employee workforce. The focus is on both operating and support positions.
