Oilfield services group Weatherford is to axe 7000 jobs around the world after weather conditions in the North Sea and Middle East disruption left it facing lower than expected profits.
The company, which has a significant presence in Aberdeen to support North Sea projects, said disruption in Latin America had also made a significant impact in its results, which are due to be announced next month.
The cuts, which represent around 10% of the firm’s workforce, will come from the main company rather than the non-core operations already being sold off this year, the firm said.
“The workforce reduction is expected to be completed during the first half of 2014, resulting in annualized savings of $500 million, with roughly half of this amount impacting 2014 earnings,” the company said.
Weatherford said it was also launching a review of its unprofitable operations with a view to selling them off.
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