Weatherford International Plc (NYSE:WFT) is among the leading Multinational Oilfield company’s offering inventive solutions, services and technology to the gas and oil industry. The company employs more than 29,200 workers across its network.
The company has operations in more than 80 countries and nearly 800 locations network which may include service, research and development, manufacturing and training.
The company informed its shareholders and all its stakeholders that it had published its 2017 Annual report. The report was presented as an interactive letter to the shareholders from the Company’s CEO, Mark McCollum.
In the report, the CEO states that by the beginning of the year 2017, the company had set the stage for exploring the future of the company and had to fully realign its strategies to enable its efficiency and consistency.
The new structure of the company prescribes responsibility, places priorities of its process discipline, and bridges a strong connection between the operational leadership and the field-level decision makers.
The new organizational structure has been seen as the pillar of its plan to help increase the market value, lower its cost, and develop a positive Cash flow and to also ensure the Company succeeds in the changing market dynamics.
The company aims to build a pace created by the company’s realignment through initiation of a strategic transformation program that aims to yield up to $1 billion in improved earnings within a year.
The company has also announced that it is had brought in 3 new board members; Angela Minas, David King and Roxarine Decyk whom they believe will be able to channel their fresh skills and experiences to the development of the organization.
The company also reported that it had strengthened its focus to its customers who are essentially an important pillar to its success.
As it strives to make both internal and external structural re-alignments, this are aimed to make Weatherford a more profitable company to the owners however this also greatly benefits its customers by making the company a more stronger and competitive partner in oilfield services.
The new structures will help the company enhance the quality of its products and also the consistency of its services so as to be able to work more closely with its customers to find solutions to its pressing challenges.