Oilfield services provider Weatherford International Ltd said it would divest five businesses, exit another as it struggles with weak demand in North America, and has identified 6,192 positions for job cuts as part of a previously announced plan.The company, which is being probed for violations of the United Nations oil-for-food program in Iraq, on Tuesday also reported a wider quarterly net loss.Weatherford, which had said last month it would cut 7,000 jobs, said on Tuesday cash proceeds from sale of its businesses would be used to pay down debt.The Switzerland-based company is the smallest of the four large oilfield services firms - Schlumberger Ltd, Halliburton Co and Baker Hughes Inc.
Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. Shares of WFT fell by 0.13% or $-0.02/share to $15.58. In the past year, the shares have traded as low as $11.11 and as high as $17.38. On average, 7730500 shares of WFT exchange hands on a given day and today's volume is recorded at 8453964.
Source