Weatherford to reduce staff by 9% amid fall in oil prices

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Source: Bloomberg
Weatherford International Ltd, the Swiss oil and natural gas services company, is going to slash its workforce by 5,000 positions in the next three months. The decision was taken due do a harsh drop in crude oil prices, following the footsteps of its largest competitor Schlumberger Ltd. The cuts will cover the US and a part of Western Europe, and are estimated to result in economy of more than $350 million a year.
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