Weatherford writes down up to $19 mln in assets in Ukraine - report

KYIV. April 28 (Interfax-Ukraine) - Weatherford International, a major oilfield service company, has reported "other charges" amounting to $19 million related primarily to the write-down of all of its assets in Ukraine, excluding cash, in the first quarter of 2022.

The company said in a press release that its first quarter of 2022 net loss was $80 million, or $1.14 per share, compared to a net loss of $116 million, or $1.66 per share, in the first quarter of 2021.

Revenues for the first quarter of 2022 were $938 million, compared to $832 million year-over-year.

Capital expenditures grew to $20 million in the first quarter of 2022 from $15 million in the first quarter of 2021.

Mainly due to working capital requirements, the company's free cash flow was negative $64 million, a decrease of $134 million year-over-year, it said.

"We delivered solid results in line with our guidance, despite the significant headwinds of supply chain, inflation, logistics and geopolitical events that marked the first quarter. [...] Revenue growth across all our reportable segments on a year-over-year basis gives a firm foundation to our view of 2022 being a year of top line growth, margin expansion and free cash flow generation," the press release quoted President and CEO Girish Saligram as saying.

The company's revenues in the Middle East, North Africa, and Asia were $310 million (+16%), in North America $238 million (+11%), and in Latin America $163 million (+29%), while decreasing by 7% to $163 million in Europe, Sub-Sahara Africa, and Russia.