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Weatherford International plc (symbol: WFRD) is a prominent multinational company specializing in oilfield services and solutions. Operating in over 100 countries, Weatherford offers a comprehensive portfolio that spans the entire life cycle of a well, including drilling, formation evaluation, well construction, and completion. The company's core business revolves around delivering innovative technologies and services to the oil and gas industry.
Weatherford is recognized as a global market leader in artificial lift systems and tubular running services. In addition to these key areas, the company provides a wide array of other essential oilfield services such as cementing products, directional drilling, and wireline evaluation. This diversified service offering ensures that Weatherford can meet the complex needs of oilfield operations across various international markets.
Recently, Weatherford has achieved significant milestones in both technology and market expansion. The company continues to invest in research and development, ensuring that its products remain at the forefront of industry innovation. Moreover, Weatherford has formed strategic partnerships to enhance its service delivery and expand its market presence.
Financially, Weatherford is committed to maintaining a robust economic foundation. The company’s strategic focus on segment adjusted EBITDA as a primary measure of profitability ensures that it remains financially sound while delivering shareholder value. For further details, you can reach out to Mohammed Topiwala, Vice President of Investor Relations and M&A, at investor.relations@weatherford.com. For media inquiries, contact Kelley Hughes, Sr. Director of Communications & Employment Engagement, at media@weatherford.com.
Weatherford International plc (NASDAQ: WFRD) will host a conference call on February 17, 2022, at 9:00 a.m. ET to discuss its fourth quarter and full year results for the period ending December 31, 2021. Prior to the call, a press release will announce the results and presentation slides will be available on the company's investor relations website. Participants can access the call via a live webcast or by dialing in. A telephonic replay will be available until March 3, 2022.
Weatherford International plc (NASDAQ: WFRD) announced a credit rating upgrade from 'CCC+' to 'B-' by S&P Global Ratings on December 13, 2021. This upgrade reflects improved access to capital markets and the successful completion of refinancing and debt repayment transactions, which have extended the debt maturity profile. CEO Girish K. Saligram emphasized that this rating acknowledges the company's enhanced operating performance and focus on sustainable profitability.
Weatherford International (NASDAQ: WFRD) has been awarded a three-year digital oilfield contract by Kuwait Oil Company to enhance its digital transformation strategy in North Kuwait's Heavy Oil field. The contract includes real-time monitoring and production optimization solutions, enabling KOC to improve production and workover plans. Weatherford's ForeSite platform will utilize advanced analytics and AI to optimize production performance, offering insights for reservoir and facility management. This strategic partnership aims to maximize KOC’s operational efficiency.
Weatherford International plc (NASDAQ: WFRD) announced two five-year contracts with Abu Dhabi National Oil Company (ADNOC), valued at over USD 1 billion, for downhole completions equipment and liner hanger systems. CEO Girish Saligram stated these contracts highlight Weatherford's capability in supporting ADNOC’s 2030 production goals of 5 million barrels per day. The majority of the products will be manufactured at Weatherford’s UAE facility, showcasing commitment to local value creation and global competitiveness.
Weatherford International (NASDAQ: WFRD) reported third quarter 2021 revenues of $945 million, marking a 5% sequential increase and 17% year-on-year growth. Operating income surged to $71 million from $25 million in Q2 2021, while net loss decreased to $95 million from $78 million in the previous quarter. Adjusted EBITDA rose by 32% sequentially to $179 million. The company generated positive free cash flow of $111 million, up $63 million from Q2 2021. Strategic initiatives focused on profitability and digitalization continue to underpin its operational improvements.
Weatherford International plc (NASDAQ: WFRD) announced the closure of a private offering of $1,600 million in 8.625% senior notes due 2030. The proceeds will be used to buy back an equivalent amount of its 11.00% senior notes due 2024 through a tender offer. The offering is available to qualified institutional buyers and non-U.S. investors only, under specific exemptions from the Securities Act. The company cautions that future results may differ based on market conditions, particularly regarding oil and gas prices and the ongoing impact of the COVID-19 pandemic.
Weatherford International plc (NASDAQ: WFRD) announced early tender results for its cash tender offer to purchase up to $1.6 billion of its outstanding 11.00% Senior Notes due 2024. As of the Early Tender Deadline on October 25, 2021, $1,846,040 of notes were tendered, representing 97.16% of the outstanding principal. The purchase price for accepted notes is $1,064.76 per $1,000 principal amount. Due to oversubscription, tendered notes will be prorated. The offer expires on November 8, 2021. Early settlement is expected on October 27, 2021.
Weatherford International has completed the redemption of $200 million principal of its 11.0% senior notes due December 1, 2024, using cash on hand. This move signifies the company's ongoing efforts to enhance its capital structure. CFO H. Keith Jennings highlighted the achievement of sustainably generating operating cash flow as a key factor enabling this debt redemption. The press release includes forward-looking statements that address risks and uncertainties that may affect the company's future performance.
Weatherford International plc (NASDAQ: WFRD) announced an increase in its previously announced Tender Offer for its 11.00% Senior Notes due 2024, raising the maximum amount to be purchased from $1.5 billion to $1.6 billion. The Tender Offer is part of an ongoing strategy to manage debt effectively. The offer will expire at Midnight on November 8, 2021, with early tender consideration available for those who participate before October 25, 2021.
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