Petroleum Africa
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Thursday, September 24, 2015
Weatherford International has chosen not to move forward with its previously announced public offering of ordinary shares and mandatorily exchangeable subordinated notes of Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of the company.
In a statement issued hours after the announced public offering, Weatherford said: “While investor interest was strong for this offering, we are unwilling to sell securities at prices that do not reflect the value we have created at Weatherford. The company continues on its resolute course of focusing on its core businesses and the efficiency of its operations. The company also continues to expect to deliver positive free cash flow in 2015 and years beyond, has ample liquidity, and remains focused on generating strong returns for our shareholders.”
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