US services firm Weatherford on 16 March reported its first results since emerging from Chapter 11 bankruptcy late last year.
For 4Q 2019 the ‘Middle East and Asia’ segment accounted for a record 30.3% of Weatherford’s overall revenue, topping the North America share for the first time. For Q4 2019 North America revenue was down 24% year-on-year “as customers’ focus on financial returns and free cash flow generation resulted in budget exhaustion.” But international revenues were up, “bolstered by 10% growth in the Middle East.” (CONTINUED - 141 WORDS)