Thread regarding Weatherford International Ltd. layoffs

Weatherford Cut Prediction: 10-20%

Most employees will have read Bernards memo to company employees by now. If you havent he uses words like: lean, reduce, flatten, on a regular basis. Based on his wording, Weatherford will at least make an attempt to reduce the exorbitant number of managers. Hopefully this is what happens.

Anyone who thinks that cuts arent coming.... Weatherford is a very unhealthy company in comparison to its peers like Schlumbeger. Weatherford has 50,000 employees and is worth $8 Billion. Schlumberger has 100,000 employees and is worth $80 Billion. That makes Weatherford 5x less efficient on a head count basis compared to its biggest competitor. Something has to give. Circle Feb 5th on your calendar, thats when their Q4 results come out and they will likely announce layoffs.

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Paul Timmins axed

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The word is clique not click!!!

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If you're a WFT employee without good connection to someone in management, you may want to start looking for new job. The clicks at WFT can be compared to the Obama administration. It doesn't matter if you do your job well, if you're not in the click you are most likely doomed for layoff.

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Date: January 26, 2015

To: All Weatherford Employees

From: Bernard J. Duroc-Danner

Re: Organizational Changes

My last organizational memo spoke to the external environment that we collectively face. I won't reiterate that

message other than to say that the situation is intensifying rapidly.

Historically, Weatherford has shown drive, speed and fighting spirit. We now have to show the industry once

again who we are and what we are capable of. We also need to adapt the way in which our leadership is organized

for the greatest market responsiveness possible. At the risk of over simplifying, we need all hands on deck and we

need to reduce the number of layers in the organization.

The focus in 2015 is going to be threefold – Cost, Cash and Client.

On Cost, it is clear that we have to respond to the activity reductions and pricing reductions that are upon us, more

acutely in North America than elsewhere. In addition to activity based reductions, we also have to aggressively

reduce our support costs across the board, starting with corporate and addressing every product line and region.

This is essential for us to preserve our financial strength and ride out this downturn.

On Cash, while we have significantly de-risked the company by monetizing several divestitures in 2014 and

collectively over $1.7 billion in the process, we still have not learned as a company to generate positive cash flow

from operations. In 2015, we will focus on continuing the capital efficiency program, namely reduce DSO and DSI

while also reducing capex aggressively by dramatically improving our asset utilization and maintenance programs.

As a company, we have to demonstrate that we are fully capable of generating cash consistently.

Last but definitely not the least, on Clients, we have to re-focus our efforts to preserve and indeed, increase

market share in 2015. The Halliburton / Baker Hughes merger presents some compelling opportunities for us to

grow with the help of our customers who want to help us develop into a strong and viable number three player.

The distance between our product lines and customers has to be reduced and as a company, all of us need to be

much more customer facing than ever before. Internal focus cannot be a substitute for working with customers.


Given this direction, there are several announcements listed below. All of these appointments and reporting lines

are effective immediately, unless otherwise stated.

• The office of Chief Operating Officer will be closed. Hemisphere, Product Line and other leadership

reporting directly to me comprise the following. All positions are based in Houston, unless otherwise


o Krishna Shivram, EVP, Chief Financial Officer & President, Western Hemisphere.

o Lance Marklinger, President, Eastern Hemisphere, based in Geneva.

o Tony Branch, President, Product Lines, based in Geneva and Houston.

o Paul Timmins, Chief Technology Officer.

o Peter Levens, Chairman – Asia Pacific, based in Singapore. In this role, Peter will help me in

managing senior client relationships.

o Natalia Shehadeh, Chief Compliance Officer and Interim General Counsel.

o James Lukey, VP Human Resources.

• Dharmesh played an immeasurably important role in leading our operations out of a difficult period and

putting the business on a healthy and structured path, ready for future growth.

Dharmesh will now move on to take the position of EVP - Corporate Strategy, reporting directly to me.

The industry events all of you know of make this a position of paramount importance.

• Reporting to Krishna Shivram, EVP, Chief Financial Officer & President-Western Hemisphere are:

o Mark Swift, VP United States. Ed Eberhard, Jim Hollingsworth and Jim Stock will all now report

directly to Mark.

o Dave Reed, VP Canada, based in Calgary.

o Reinaldo Zahn, VP Latin America, based in Bogota.

o Steve Fulgham, Chief Business Development Officer, based in Geneva.

o Mark Bedford, President Rigs, based in Dubai.

o Doug Mills, VP & Chief Accounting Officer.

o Jim Parent, VP Tax.

o Jennifer Presnall, VP Audit Services, based in Zug.

o Mark Rothleitner, VP Treasurer.

o Danielle Nicholas, VP Operations Finance.

o Karen David-Green, VP Investor Relations & Corporate Communications.

o Mike Perroni, VP Information Technology.

o Mike Gallien, Director of Risk Management.

o Richard Warren, Director – M&A.

• Reporting to Tony Branch, President – Product Lines are:

o Kyle Chapman, President – Well Construction, Completions & Pressure Pumping.

o Ernie Dunn, President – Production.

o Stewart Evans, VP Drilling Services & Surface Logging.

o Brice Bouffard, VP Wireline & TPS.

o Iain Cook, VP Managed Pressure Drilling.

o Matt Vanderfeen, VP Petroleum Consulting & Laboratories.


o John Raine, VP QHSSE.

o Davy Davidson, VP Manufacturing.

o David Colley, VP Supply Chain & Capital Efficiency.

o Gareth Innes, VP Operational Strategy and Planning.

• Reporting to Lance Marklinger, President – Eastern Hemisphere are:

o James Williams, VP Middle East & North Africa, based in Dubai.

o Frederico Justus, VP Sub-Sahara Africa, based in Johannesburg.

o Hans Klampferer, VP Russia, based in Moscow. Hans joins us from Halliburton and has over 20

years’ experience in the oilfield industry, principally in Russia.

o A Europe region manager will be announced shortly. Until then, the region will report directly to


o Ankur Gupta, VP Asia Pacific, based in Singapore. Ankur joins us from Essar Shipping and has a

legacy background in Schlumberger and Paradigm for over 20 years.

We have made much progress in our sales and marketing function. This is a multi-year effort. At this time,

Regions will assume more direct responsibility for orienting our sales focus to clients with the Global Account

Managers reporting directly to Lance Marklinger for the Eastern Hemisphere located organization and to Mark

Swift for the US located organization, with functional reporting to Steve Fulgham. Product line marketing will

report to Tony Branch with functional reporting to Steve Fulgham. The Corporate Marketing group will also report

to Steve.

A revised organization chart is attached for your reference.

I realize these are a number of further adjustments which come but a few weeks after the prior ones in December.

We are gearing up for a period of intense competition where three things will determine a successful outcome:

most efficient cost structure, client intimacy and quality in execution. The markets, industrial and financial, will

not be forgiving. The whole purpose of these changes are to make us flatter, faster, leaner and more driven to

establish ourselves as a quality alternative to both SLB and HAL. Help me get this done. The recession which is

upon us will come and go. The challenge of raising our operating performance to the level of the two industry

leaders will remain. That is ultimately what we have to prepare for and what I am asking all of you to help your

Company achieve that.

Thank you for all you do at Weatherford.

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Strange, Weatherfords own website says it's the 5th.


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Earnings call is actually after market close on Feb. 4th. />

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Earnings call is 830am EST Thursday February 5th

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40 to 50% reduction in western area

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Earnings release is 2/4/2015

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in all seriousness, I would just post the memo. A) they're not going to be able to trace you B) they won't care as it's not just Weatherford that's having problems (this time!) C) there is NO chance that it isn't already outside the company (forwarded to spouses, etc) - and from there, it's out of control anyway.

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OK - can someone anonymously summarize the memo for us who were let go recently

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I've heard the same thing 10 to 20% in layoffs. Its just a matter of when its announced. I'm 100% sure it will be after that Feb 5th meeting. Good luck to all of us. Sad thing is you now some VP will get a 6 figure bonus for getting let go.

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I would advise against posting specific details of that memo as it doesn't appear to be a public release. Disclosing the details or contents can come with some legal issues and trade violations.

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The memo was sent out by email yesterday morning. Check the main page of the intranet and it may be posted there by now.

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Is the memo on employee connect?

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Can someone post the memo, I got axed in December.

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