BAAR, Switzerland, Oct. 24, 2017 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) today confirms that it fully expects
to close the previously announced OneStimSM joint
venture with affiliates of Schlumberger Ltd. before
year-end. We have made substantial progress on the integration
project and are now finalizing the contractually agreed price
adjustments. In connection with the U.S. regulatory process,
Weatherford and Schlumberger completed their responses to requests
from the U.S. Department of Justice Antitrust Division (the "DOJ")
in September of 2017 and the DOJ should reach a decision before the
end of November.
Additionally, to address market speculation, Weatherford
confirms it has no current intention to issue new equity securities
in the near future.
While we remain in our quiet period prior to releasing our third
quarter earnings, we look forward to discussing these and other
matters during our previously scheduled third quarter conference
call on Wednesday, November 1, 2017
at 8:30 a.m. ET.
Forward-Looking Statements
This press release contains forward-looking statements regarding
the OneStim joint venture, potential equity offerings, and
Weatherford. These forward-looking statements include, among other
things, the joint venture, Weatherford's strategies and priorities,
potential equity offerings, and are also generally identified by
the words "believe," "project," "expect," "anticipate," "estimate,"
"outlook," "budget," "intend," "strategy," "plan," "guidance,"
"may," "should," "could," "will," "would," "will be," "will
continue," "will likely result," and similar expressions, although
not all forward-looking statements contain these identifying words.
Such statements are based upon Weatherford's current beliefs 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 of
Weatherford or the joint venture may vary. Readers are also
cautioned that forward-looking statements are only predictions and
may differ materially from actual future events or results.
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, 2016 and those set
forth from time-to-time in the Company's other filings with the
Securities and Exchange Commission. We undertake 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 one of the largest multinational oilfield service
companies providing innovative solutions, technology and services
to the oil and gas industry. The Company operates in over 90
countries and has a network of approximately 860 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 29,500 people. For
more information, visit www.weatherford.com and connect with
Weatherford on LinkedIn, Twitter, YouTube and Facebook.
Weatherford Contacts
Christoph
Bausch – Executive Vice President and Chief Financial
Officer
Tel: +1 713 836 4615
Karen David-Green – Vice
President Investor Relations, Marketing & Communications
Tel: +1 713 836 7430
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SOURCE Weatherford International plc