How long until the company shuts down...any predictions?
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They shut down 4 years ago.....the stink just hasn’t left yet!
Mena workshop is same as any other shop. The locals do the work while the expat smarties stay drunk and only show up when they get dumped by thier local gf.
Mmmmm WFT koolaide ride this ship till the end
Wft is one lawsuit away from the end
As revenues decrease, insurance costs become a larger component of overhead. Its unsustainable
The management are essentially drinking and partying their sorrows away, particularly in MENA where they are notorious and very Well founded in that type of activitiy while the remainder of the workforce continues to push through (skeleton crews mostly as the Gentelemen colleague once said)
Therefore we expect blunders on the backs of sweat shops in MENA to keep the company a float while the clowns post propoganda nonsense about what the marketing vp wants and what he thinks about that morning before his coffee and croissant.. thats all its about
Money money money
Oddly, the real answer is it depends. While in bankruptcy process the creditors will take a look and determine how they can recoup as much as possible. If price of oil continues to rise then creditors might wait a little longer on hope that WFT can generate some profit to pay out. In past quarter WFT revenue was essentially flat and there were improvements in margins for operating and net income (though both were still negative). Best guess, as long as oil price continues to rise, WFT stays in business. If oil price remains relatively high, then creditors will give company some time to right the ship. If there is no improvelemtn then creditor will petition to liquidate company and anything for remaining value will be sold. It is likely there wouldn't be any improvement because WFT showed significant financial losses during 2017-2019.
Prediction: 2023 WFT enters bankruptcy again and whatever might still have value is sold off piecemeal. During that timeframe at least one other major service company also enters chapter 11. Just a guess though.
Christmas Eve
If it was not for the MENTAL Giants with long noses of management the South Texas operations would have already folded.
So sad about wft. I knew when bdd left it would be trouble because bdd bought stock in hal and bhi and was promoting them not wft. Bdd has super high level connection
It has shut down for the most part, only skeleton crews keeping thing’s afloat and the propaganda dept rolling out the rubbish on LinkedIn and elsewhere trying to convince some unsuspecting future clients that we can still punch above our weight.
Wft is basically shut down now. Vendors demand payment
Wft was never terrific. It was a value destroyer
Wft only exists because baker lets it exist.
It will get sold for sc-ap metal money there’s nothing really left quite frankly everything is getting destroyed outside
I hope for everyone sake that is left, they get through this. It was a good company to work for. It paid my bills etc for 20 years before I was retired. WFT still have people working for them that should have been moved out a long time ago.
Wishing everyone that is left and the people that was let go. All the best for the future
The creditors are waiting to see if anything can be sold. Depends how much patience they have before they are forced to declare it is over and realise the losses.
Sad to see a once terrific company brought to its knees.
It won’t shut down , banks will eventually get payed , after covid things will look up. It’s not worth anything at this time