Weatherford will reduce its workforce by 9% – estimated to be around 5,000 jobs – as it looks to save costs.
The company said the job losses will be made to staff within its operation and support positions and are most likely to be made in the Western Hemisphere.
The move is in line with a number of companies, including BP and Schlumberger, who have announced a reduction in their headcounts.
Weatherford estimated the job losses would save the company around $350million.
It currently employs 56,000 people worldwide.
A spokesman said: “Due to the quickly changing market conditions, we are aligning and reducing our cost as well as organizational
structures to match the new environment.”
The company’s capital expenditure will be reduced by between $550million and $900million in 2015.
Earlier this year the company announced it would be eliminating its position of chief operating officer to save costs.
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