Weatherford International suffered a widening of losses in 2016 but revenue was up, helped by innovative projects in the North Sea.
The energy service giant said it took “necessary steps to secure our liquidity and provide a runway from which the company can become consistently profitable and free cash flow positive”.
Chief executive Krishna Shivram added: “We also removed a significant level of fixed costs, while still achieving the best safety record in the company’s history and measurably improving our service quality and performance.”
Weatherford has its global headquarters in Switzerland, with Europe and Caspian business run from Aberdeen.
A year ago, it said it planned to cut about 6,000 jobs globally during the first half of 2016 due to a steep drop in oil prices hurting drilling and exploration activity.
The oilfield services provider, which had about 56,000 employees at the end of 2014, had cut about 14,000 jobs the year before.
Announcing pre-tax losses of £2.3billion for 2016, compared with losses of £1.7billion a year earlier, as revenue plummeted nearly 40% to £4.6billion, Weatherford said business picked up in the final quarter.
It said it won a three-year contract for integrated services on a drilling rig in the North Sea by “demonstrating the capability to efficiently provide services across multiple product lines, reduce personnel on board and lower costs”.
Elsewhere in the North Sea, it “installed inverse gas-lift systems in a mature well with integrity issues”.