Key Developments: Weatherford International PLC (WFT.N)

WFT.N on New York Stock Exchange

25 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Weatherford International PLC to sell to Rosneft Russian and Venezuelan Land Rig Operations for $500 mln in Cash
Monday, 14 Jul 2014 07:32am EDT 

Weatherford International PLC:Enters into agreements with Rosneft for sale of the Company's land drilling and workover operations in Russia and Venezuela.Consideration is $500 mLn in cash.Russian rig operations include 61 land drilling crews and a fleet of workover rigs, essentially pulling units while the Venezuela operations include 6 land drilling rigs.Says rig staffing is about 7,800 in Russia and 375 in Venezuela and will be transferred to Rosneft at closing.Agreement is another step in Weatherford's previously announced plan to divest the Company's non-core businesses.These rig operations generate roughly half of Weatherford's total existing revenue in Russia and about one-third of Weatherford's business in Venezuela.Remaining balance consists of Weatherford's core product lines, which have in both markets consistently produced over time, good margins and strong capital attributes.Expects its core product line business in Russia to be developed further with joint commitments from Rosneft and Weatherford.  Full Article

NK Rosneft' OAO acquires oil field services from Weatherford International PLC
Monday, 14 Jul 2014 12:01am EDT 

NK Rosneft' OAO:Signs agreement with Weatherford International PLC for the acquisition of Rosneft land drilling and workover assets of Weatherford in Russia and Venezuela.The agreement envisages the acquisition of 8 companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela.The document also envisages the development of long-term cooperation in oil field services between Rosneft and Weatherford.The closing of the transaction is expected to close in the third quarter of 2014.  Full Article

Weatherford International Ltd announces registration of merger in commercial register of Canton of Zug
Tuesday, 17 Jun 2014 03:49am EDT 

Weatherford International Ltd:Says merger of Weatherford Switzerland with and into Weatherford International plc, new public holding company and parent of Weatherford group of companies incorporated under Irish law, has been registered in the commercial register of Canton of Zug, Switzerland, and has thereby become effective.Effective day of delisting of Weatherford Switzerland's shares from SIX Swiss Exchange Ltd will be June 19.Expected that trading of shares of Weatherford International plc will start at New York Stock Exchange on June 18, 2014.  Full Article

Weatherford International Ltd and Sinopec Oilfield Service Corp to form joint venture
Wednesday, 21 May 2014 10:39am EDT 

Weatherford International Ltd:Says the company, Sinopec Oilfield Service Corporation and Shengli Highland Petroleum Equipment Co., Ltd, announced having entered into a joint venture agreement to form a new equity joint venture company in China.Joint venture will combine the complementary strengths of each of its parent companies to provide products and services within a collaborative framework helping to tap into the vast unconventional resource base in mainland China.  Full Article

Weatherford International Ltd reaffirms FY 2014 EPS guidance
Thursday, 24 Apr 2014 05:21pm EDT 

Weatherford International Ltd:Sees FY 2014 earnings per share (non-GAAP) to range between $1.10 and $1.20.  Full Article

Weatherford International Ltd announces reduction in workforce
Thursday, 24 Apr 2014 05:21pm EDT 

Weatherford International Ltd:Completes initial phase of our cost reduction initiatives, and have identified over 6,600 positions for our reduction in workforce, with expected annualized pre-tax cost savings of about $450 mln.This reduction remains on track to be substantially completed during first half of 2014.Our strategic business reviews of operations that do not have critical mass, are currently unprofitable and are drain on our cash flow are well underway.We have already started eliminating select operating locations identified during these reviews and will continue to do so during the next two quarters.We expect these actions will bring additional costs savings, both in form of headcount reductions and other savings.These additional headcount reductions will enable us to fully deliver on the 7,000 reduction target and achieve our $500 mln targeted annualized pre-tax cost savings.  Full Article

Weatherford International Ltd and CurTran sign contract for new LiteWire Nanotechnology
Wednesday, 9 Apr 2014 08:00am EDT 

Weatherford International Ltd:CurTran LLC has signed its first contract for LiteWire products with the company.Weatherford will use, sell, and distribute LiteWire, the first commercial scale production of a carbon nanotube technology in wire and cable form.  Full Article

Weatherford International Ltd announces merger and name change - Form 8-K
Wednesday, 2 Apr 2014 04:29pm EDT 

Weatherford International Ltd:Entered into merger agreement with Weatherford International Ltd, a newly-formed private ltd co.Under merger agreement, company will merge into Weatherford Ireland.Weatherford Ireland will be re-registered as an Irish public ltd co.Renames as Weatherford International Plc (or similar name) immediately prior to effective time of merger.  Full Article

Weatherford International Ltd and Baker Hughes announce sale and purchase of pipeline and specialty services business
Monday, 24 Mar 2014 08:07am EDT 

Weatherford International Ltd and Baker Hughes Incorporated:Signs agreement for sale of Weatherford's pipeline and specialty services business to a subsidiary of Baker Hughes for a total consideration of $250 mln.Consideration including $241 mln in cash and $9 mln in retained working capital.Sale is part of Weatherford's previously announced plan to divest its non-core businesses.  Full Article

Weatherford International Ltd reiterates FY 2014 EPS guidance
Tuesday, 25 Feb 2014 04:51pm EST 

Weatherford International Ltd:Says it reiterates recent guidance and expect FY 2014 earnings per share (non-GAAP) to range between $1.10 and $1.20.  Full Article

Russia's Rosneft agrees to buy Weatherford's Russian, Venezuelan assets

MOSCOW, July 13 - Russia's Rosneft, the world's biggest listed oil company by output, has agreed to buy drilling and well-servicing assets of oil and gas service company Weatherford International in Russia and Venezuela, the company said on Sunday.

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