Weatherford International Plc reported a net loss of $239 million, before charges and credits, on $1.59 billion in revenue for first-quarter 2016, the company said May 4.
During the quarter, Weatherford completed negotiations to refinance its revolving credit facility into a consolidated $1.651 billion package comprised of a new 3-year $1.151 billion revolving credit facility and a new 4-year $500 million term loan facility. Including the non-extending banks, the total available facilities will stand at $1.88 billion through July of 2017.
Net proceeds of $630 million were raised through a successful public equity offering, and Weatherford ceased operating four of the nine planned manufacturing facilities closures.
Also, Weatherford closed 26 operating facilities and other facilities--instead of the planned 25—and completed 78% of the additional 6,000 personnel reduction with annualized savings of $288 million.
In North America, first-quarter 2016 revenues of $543 million were down $156 million, or 22% sequentially, and down $620 million, or 53%, over the same quarter in the prior year.
Internationally, first-quarter 2016 revenues of $923 million were down $243 million, or 21% sequentially. They were lower by $513 million, or 36% compared to the same quarter in the prior year.
Weatherford International Plc is based in Houston.
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