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.