Weatherford scraps joint venture, sells a business to Schlumberger [Reuters]
Schlumberger N.V. (SLB)
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Source: Reuters
Weatherford scraps joint venture, sells a business to Schlumberger | Reuters 3 Min Read HOUSTON (Reuters) - U.S. oilfield services company Weatherford International Plc ( WFT.N ) on Friday sold a U.S. oil-well business to rival Schlumberger NV for $430 million, abandoning a planned joint venture. Weatherford has struggled with losses and has been looking to sell units and raise cash to reduce about $7.9 billion in debt. It suffered a $875 million loss on $4.21 billion in revenue for the first nine months of this year. In March, the company agreed to put its North American pressure pumping and well completions operations into a venture with Schlumberger in exchange for $535 million in cash and a 30 percent stake in the resulting business, called OneStim. The effort was designed to better compete against market leader Halliburton and fast-growing companies such as Keane Group. On Friday, the joint venture was abruptly called off as Weatherford sold its U.S. pressure pumping assets use
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