Schlumberger planning to take over Weatherford International

Schlumberger planning to take over Weatherford International
(Source: Wikimedia)

(KWES) - Schlumberger is planning to take over fracking business, Weatherford International.

Back in March, the company had announced they would be moving forward in a joint venture with Schlumberger.

But a week ago, they decided to sell their business.

Weatherford has suffered major losses since 2014.

The company plans to sell units to raise cash to hopefully reduce their $7.9 billion debt.

As part of the deal, about 100 Weatherford employees will transfer to Schlumberger.

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