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Weatherford Still Making Job Cuts, Joins Nabors in MOU
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Nabors Industries Ltd. and Weatherford International plc have signed a non-binding Memorandum of Understanding (MOU) to form an alliance focused on delivering enhanced drilling solutions to the oil and gas land market in the lower 48 states of the United States.
The MOU states that:
- Weatherford will bring well construction expertise, managed pressure drilling (MPD) solutions, directional drilling capabilities and drilling hardware, as well as associated software applications and engineering personnel.
- Nabors will bring its fleet of MPD-ready® SmartRigs™ and land-optimized measurement while drilling (MWD) systems, together with its performance drilling software applications, automated rig equipment and proprietary control systems.
According to a report from the Houston Business Journal, Weatherford reported it employs about 30,000 people worldwide from its Q4 2016 earnings release on Feb 1. Weatherford employed approximately 39,500 people worldwide in Q1 2016 and was planning to cut another 6,000 jobs in 2016.
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