Companies & Finance

Weatherford to lose 15% of its workforce

Oil services provider Weatherford International has announced it will cut 6,000 jobs this year, or 15% of its workforce, because of the oil price crash and reduced drilling.
By Staff reporter 4 February 2016 0 19165

Texas-based oil services provider Weatherford International (WFT) has announced it will cut 6,000 jobs this year, or 15% of its workforce, because of the oil price crash and reduced drilling plans.

The company cut 14,000 jobs last year from its 56,000-strong workforce.

WFT announced capital spending plans this year of $300 million, 56% lower than in 2015.

WFT is one of four global oil and services providers, alongside Halliburton, Baker Hughes and Schlumberger.

"We have just completed what is probably the most challenging year in our history,"...