Weatherford International boss Mark McCollum said a new joint-venture with energy service rival Schlumberger, OneStimSM, would help it take another step towards a better balance sheet.
The Weatherford president and chief executive added: “It also confirms our commitment to creating strategic partnerships, sharing resources and capabilities to develop new technologies and achieve critical mass as a means to provide our clients with the lowest cost per barrel.”
Mr McCollum said yesterday the firm’s “highest priority” was to improve and strengthen its balance sheet, adding: “Through more disciplined cost management, we will continue to streamline our operations, becoming a more efficient and leaner organisation.”
The group, which has a large north-east presence, posted pre-tax losses of £316.5million for the first quarter of 2017, an improvement from losses totalling £457million a year ago.