Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Hope for debt-ridden oilfield firm

Weatherford
Weatherford

Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.

The company is heading for a Chapter 11 bankruptcy process in the US in an attempt to clear the slate.

Weatherford, which is officially headquartered in Switzerland but runs its global operations from Houston in the US, owed more than £5.5 billion at the end of last year.

In its latest update on financial restructuring, the group said more than 74% of its senior unsecured “note holders” were now behind its plans – up by about 12% from a week earlier, when it first announced it was going down the route of Chapter 11.

It added: “The proposed comprehensive financial restructuring… would significantly reduce the company’s long-term debt and related interest costs, provide access to additional financing and establish a more sustainable capital structure.”

Despite massive job cuts amid the recent oil and gas downturn, Weatherford is still one of the world’s biggest oilfield services firms.

It operates in more than 80 countries and has a network of about 650 locations, including manufacturing, service, research and development and training facilities, employing around 26,000 people.

Before the oil price slump it employed about 1,000 people in Aberdeen.

Its Granite City operations include a rig centre in the Science and Energy Park at Bridge of Don, completions, production and tubular running operations in Dyce and regional headquarters in Altens.

Weatherford’s Europe and Caspian business is run from Aberdeen and the company invested about £25 million on the regional headquarters, which opened about 10 years ago.

The group racked up pre-tax losses totalling £2.13bn last year, following a £2bn-plus trading shortfall in 2017.

It has recently been selling off non-core assets, plus a few rigs, in order to cut debt and focus on drilling equipment and digital services.

Weatherford confirmed its delisting from the New York stock exchange last week.

It also reassured investors that its financial restructuring would cause no disruption to its operations.

Already a subscriber? Sign in

[[title]]

[[text]]