U.S. oil services firm Weatherford hires Morgan Stanley to sell units: sources [Reuters]
WEATHERFORD INTL (WFT)
Last weatherford intl earnings: 2/1 06:50 am
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Source: Reuters
U.S. oil services firm Weatherford hires Morgan Stanley to sell units: sources | Reuters 3 Min Read LONDON/NEW YORK (Reuters) - U.S. oil services firm Weatherford International has appointed advisers including Morgan Stanley to sell units starting in the first quarter of 2018, banking sources told Reuters. Alongside oil producers, companies that drill wells, haul water and provide other services to energy exploration firms have been hit by a slump in oil prices, with benchmark Brent tumbling to about $27 a barrel in 2016 from more than $100 in 2014. It is now trading at more than $60. Weatherford, which carried out a three-month strategic review, said in a third quarter analyst call it would restructure some parts of the business and identify units “which are not critical to our strategy going forward.” It did not specify which businesses, but said it expected to raise about $500 million from these divestitures. Three banking sources said the company was looking to offload the artific
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