30% cut in NAM support services, with others coming. Current RIFs in progress, but new VPs being hired. Didn't this happen just before the last bankruptcy?
Girish has stated he did not want to have pressure control in NAM. Fox has made the same comments and believes whipstocks will save the day.
Is wireline closing shop in the US?
We're continuing to quietly lay off lots of good people. Supposed to be a hiring freeze. But there's a job posting on Indeed for a Senior Recruiter in Houston? And we're paying millions of dollars to the recruiting agency Cielo. Some things don't add up.
@1dw Which PLs? Is this a move to take Weatherford back to a centric company? Kind of makes sense as Completions does not lead anywhere or with anything (as reflected in $$, good or perceived good tech unused does is just unused).
So Completions could go almost entirely. "Digital" is building but behind. Just now moving to the cloud while others are moving off (processing that is). Datagration was a nice addition, but maybe too late and they still have to integrate it, which WFT has never been good at. They have moved to third-party supply for so much of their kit and innovation seems to be a foreign word to them over there as C-Suite wants everything to print cash out of the gate and has no true program to grow a program.
I would have said production, however now that so many folks have left this team it has Weatherford falling behind in Gas and Rod Lift where they use to lead. SLB has picked up some key players and is much stronger in this area and all the other Production focused teams leave WFT well behind at this point.
Selling parts makes a lot of sense. Get back to the true core and make money again and lets see focus in the areas where you are able to actually play and have market share.
Divestitures - A few PLs are being shopped around atm. Thats why top seems heavy so it can be carved.
History repeating. Getting that management level stocked up, yet no one works together to drive an integrated offering. Anyone who can work outside of their swim lane is shown the door, as working to deliver value to the client is not one of those Core Values. Training so all could do this, although talked about, is something that does not occur in reality. Best bet is that with being CFP, someone is willing to buy this for parts.