Weatherford raises job cuts target to 10,000

HOUSTON -- Weatherford has increased its workforce reduction target to 10,000 people, the service provider said Wednesday as it announced its first quarter results.

The company had previously announced that its workforce would be reduced by 8,000 people. But news of the increase, which will mainly be accounted for by personnel in North America, came as the company announced a 22% drop in year-on-year first quarter revenue.

The company cut 6,449 positions by the end of the first quarter, and the remaining cuts will be completed by the end of the second quarter, Weatherford said. The company employed 56,000 people at the start of the year.

Weatherford is planning to shut down seven manufacturing facilities this year. Of these, two were closed in the first quarter with four more planned for the second quarter and the seventh being targeted for closure in the third quarter. 

In addition, the company is planning to shut down and consolidate 60 operating facilities across North America by the end of the year, the company said.