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Segment operating income improved by 73% sequentially and by 195% on a year-over-year basis.
The annualized impact of recurring transformation benefits improved to $192 million – an increase of 78% compared to first quarter 2018 and representing 19% of our transformation target.
A definitive agreement was signed to sell Weatherford’s land drilling rig business in Saudi Arabia, Kuwait and Algeria for cash proceeds of $287.5 million.
Weatherford’s Magnus™ push-the-bit rotary steerable system was successfully launched and completed jobs in multiple countries.
An alliance with Valiant Artificial Lift Solutions was formed to jointly commercialize electrical submersible pumps (ESPs).
Weatherford sold its 50% interest in the Sunita Hydrocolloids Inc. joint venture in July 2018.
The following information was filed by Weatherford International Plc (WFT) on Friday, July 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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