WFT continues to cut up perfectly good and sometimes new tools and equipment for the 'smoke and mirrors effect' of increasing ROI. Woooo to the creditor that might believe they have an interest in inventory to secure their loan. It is often quite difficult to find proper tools for a job because so many have been cut up and hauled to the sc-ap yard without proper consideration of the effect on quality and performance.
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To was sc-apped and now we resort to wiping our arse with radar cards. Ironically it turns out the radar tissue is softer than standard issue.
It’s called cleaning up the inventory. I managed a BU for them a year or so back, during the downturn, and one of the craziest things I saw was inventory being thrown out. This was for several reasons. Some was on the books but had already been canabalized for part, agree it should go as it was phantom inventory. But there was also the kit that Was there but someone had not tracked it we could not bring it in. Or when closing a branch you could not get another to take the inventory, as they were told to reduce levels, so we ended up sc-aping- the gem there was sr management told us not to worry it would go against the branch that was closed. One Weatherford indeed.
We cut up and tossed 2 millions dollars of wellhead inventory in 17 was insane it would have sold but we couldn’t sell it to the competitors lol so we ended up you 22,000 from sc-ap
What kind of tools? Machine tools or finished oilfield downhole tools?
I agree. At our shop we are throwing out tools and equipment just for sc-ap money. We can’t even get water to drink. All but over now.
When they closed Magnolia they threw $Millions in the dumpster.
So it's okay man just SOP