What will be the outcome here? It seems like this was a major component of the biz
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Heck, to stay working I’ll even wash the units after work.
Especially parking a Jag
You must admit we are pretty good drivers!
The outcome will be after they sells everything off and still be 5 Billion in debt
WCS is where the profit is at. Its the only thing keeping WFT afloat.
SLUM is boasting that they now have 100 drivers for their fracking business ! I hope it works out got the guys that need the work but feel sorry for them having to work with the blue boys
Go to slum site on the layoff board they’re bragging. What nexts rumors that ITS is looking at buying of fishing business world wide. What will be left? TRS WL. wCP? Als going
To me it seems like weatherford new they are going out of business no matter what so instead they just gave SLB a sweat deal on equipment.
Once weatherford goes bankrupt someone will buy what is left for pennies.
Houston business journal...wft sells fracking to slum. This deal replaces the joint venture plan.
The pressure pumping and the wireline units for perforating was not a major segment of the US operations. They had been pulled out and isolated for many months in anticipation of the deal. The frac trucks were going to be sold regardless. The US Frac operations were dead. This deal breathed new life into the fleet, and caused WFT to hold onto the 100 people in the first place.
Still, this deal is much much worse than the original deal, and shows the ineptitude of the WFT Finance group that valued the deal originally at 535 million plus profits, etc..
They never sold it all. Read the article. Everything that was included in the JV was not included in this sale.
WFT sold to the equipment to SLB for LESS $$$ than they would have received from SLB to have a 30% stake in OneStim. Yes they would have to take on some operating cost, but now lose out on all the upside. Dumb move by a company with poor management at every level.