Weatherford Announces Update on Russia Operations

Rhea-AI Summary

Weatherford International (NASDAQ: WFRD) provided an update on its operations in Russia amid the ongoing crisis in Ukraine. CEO Girish Saligram expressed sympathy for those affected and emphasized the company's focus on employee safety. Following sanctions imposed on February 24, 2022, Weatherford suspended shipments and new investments in Russia, ensuring compliance with international laws. The company has no active joint ventures in the region and remains committed to fulfilling existing contractual obligations.

Positive

• No active joint ventures or partnerships in Russia mitigate potential financial risks.
• Commitment to employee safety and compliance with international laws reflects strong corporate governance.

Negative

• Suspension of shipments and new investments may hinder revenue growth opportunities in Russia.
• The ongoing crisis poses risks to overall market stability and could affect future operations.

HOUSTON, March 20, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced the following update to its Russia operations.

Girish Saligram, President and Chief Executive Officer, commented, "Our deepest sympathies go out to all those impacted by the ongoing crisis in Ukraine and sincerely hope that peace is restored soon to spare further hardship. Our primary focus is centered on the safety and wellbeing of our employees in the region. 

"Since the crisis began, we have continued to evaluate our operations and have taken a number of actions in response. Following the implementation of sanctions on February 24, 2022, we placed a hold on shipments and immediately suspended making any new investments or deploying new technology in Russia. We have no active joint ventures or partnerships in Russia.

"We will remain in compliance with the evolving sanctions landscape and will continue to fulfill existing contractual obligations within applicable international laws and sanctions.

"We are deeply concerned about the crisis and urge a speedy diplomatic and peaceful resolution."

About Weatherford

Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and about 350 operating locations, including manufacturing, research and development, service, and training facilities.

Contact:
Mohammed Topiwala
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Weatherford Global Communications
+1 713-836-4193
kelley.hughes@weatherford.com

 

 

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SOURCE Weatherford International plc

FAQ

What did Weatherford announce regarding its Russia operations?

Weatherford announced the suspension of shipments and new investments in Russia following sanctions imposed on February 24, 2022.

How is Weatherford ensuring compliance with sanctions?

Weatherford stated it will remain compliant with evolving sanctions and fulfill existing contractual obligations within applicable laws.

Who is the CEO of Weatherford and what did he say about the Ukraine crisis?

CEO Girish Saligram expressed deep sympathy for those affected by the Ukraine crisis and emphasized the company's focus on employee safety.

Does Weatherford have any joint ventures in Russia?

Weatherford confirmed it has no active joint ventures or partnerships in Russia.