HOUSTON, July 11,
2022 /PRNewswire/ -- Weatherford International plc
(NASDAQ: WFRD) ("Weatherford" or
the "Company") today announced it intends to use cash on hand to
redeem $50 million principal amount
of its 11.0% senior notes due December 1,
2024 on August 10, 2022 (the
"Unsecured Notes").
Girish Saligram, President and
Chief Executive Officer, commented, "I am extremely proud of the
progress we have made to strengthen our operating profile as we
continue on our journey to realize sustainable profitability and
free cash flow generation. This repayment demonstrates our
commitment to continue improving our capital structure from our
operating results."
Forward Looking Statements
This news release contains forward-looking statements
concerning, among other things, the Company's strategy and
financing plans and goals. These forward-looking statements are
also generally identified by the words "intends", "believe,"
"project," "expect," "anticipate," "estimate," "strategy," "plan,"
"may," "should," "could," "will," "would," and similar expressions,
although not all forward-looking statements contain these
identifying words. Such statements are based upon the current
beliefs of Weatherford's
management and are subject to significant risks, assumptions, and
uncertainties. Should one or more of these risks or uncertainties
materialize, or underlying assumptions prove incorrect, actual
results may vary materially from those indicated in our
forward-looking statements. Readers are cautioned that
forward-looking statements are only predictions and may differ
materially from actual future events or results, including: the
price and price volatility of oil and natural gas; various effects
from the Russia Ukraine conflict including, but not limited to,
extended business interruptions, sanctions imposed by various
countries, associated operational and logistical challenges, and
impacts to the overall global energy supply; demand for oil and gas
and fluctuations in commodity prices; general global economic
repercussions related to U.S. and global inflationary pressures;
the macroeconomic outlook for the oil and gas industry; operational
challenges relating the COVID-19 pandemic and efforts to mitigate
the spread of the COVID-19 virus and COVID-19 variants, including
logistical challenges, protecting the health and well-being of our
employees, remote work arrangements, performance of contracts and
supply chain disruptions; our ability to generate cash flow from
operations to fund our operations; and the realization of
additional cost savings and operational efficiencies.
Forward-looking statements are also affected by the risk factors
described in the Company's Annual Report on Form 10-K for the year
ended December 31, 2020, and those
set forth from time-to-time in the Company's other filings with the
Securities and Exchange Commission. The Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events, or
otherwise, except to the extent required under federal securities
laws.
About Weatherford
Weatherford is a leading global
energy services company. Operating in approximately 75 countries,
the Company answers the challenges of the energy industry with its
global talent network of approximately 17,000 team members and
approximately 350 operating locations, including manufacturing,
research and development, service, and training facilities.
Contact:
Mohammed Topiwala
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley
Hughes
Weatherford Global Communications
+1 713-836-4193
kelley.hughes@weatherford.com
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SOURCE Weatherford International plc