All GZ VPs have made a RIF list that has to be ready for the end of June, Mgtmt team preparing for CH.11 questions and reduction readiness.
Also overheard by C-suite from KB...Everything is for sale in every country.
Slice and dice time coming up guys.
GoM picking up so let's get ready to make moves.
Weatherford never, ever could provide an operational rate especially on the manufacturing ops. How the hell they could put together a price list when they never knew what anything actually cost is beyond me. This was a problem for the many years I was there but they were content to shift the money around to bolster the divisions that had had a bad month. You could bang on about it all you wanted to upper management but nobody up there was interested. No surprise it's ending this way.......!!!!
In my region we have work up to our ears, can’t see any operational guys getting the chop to be honest. Then again with Weatherford you never know.
Some to almost all Administrative staff, techs, engineers been RiF'd last two weeks. Opinions please, Prep for sale or closure?
The problem Weatherford had is they took care of the wrong people. You have to be able to distinguish which employees are knowledgeable, in your trade, and care. And which ones
believe more in the stats of last Sunday's football game. Some times in business , your best friend
should stay living next to you and not occupying the office space you gave to him.I guess the monies spent on the golf games finally outweighed the monies brought in. Talking about real issues like Profit Vs. Overhead instead of who's wife cooks the best meal would have helped greatly for this EX - EMPLOYEE. And normally , when a company starts cutting up good equipment , it's a bad sign for it's employee's.
I heard today that some senior engineers / tech specialists are getting RIF’d this week in Spencer Road too. Who will be designing the new tools or trouble shooting field problems?
They already rif'd some field supervisors and sales in my area. The field levels and locations need to be left alone and rif in the big city offices.
Chapter 11..chapter 7..doesn't matter. 30,000 people will be without jobs by 4th of July.
Yawn. Every unit has been RIF’d to bits already. The lenders want, and will get, their pound of flesh, but I expect a much larger sell off, of either the product lines, or the whole company.
Couldnt take the pressure apparently. Well you have to add value at some point and wft had a nasty habit of overcharging. Bye
If true and it probably is, then why chapter 11 and not chapter 7 which is what you’ve written amounts to.