Welcome from Girish K. Saligram
It is my privilege to lead our Company, and I am excited to share our value-creating journey in 2021, and plans to build on that for the future.
2021 was a pivotal year for our Company. I am incredibly proud of our One Weatherford team's achievements, commitment, and focus. Their collective spirit and accomplishments have propelled us to success and laid a solid foundation to continue our journey in 2022 and beyond. While our journey is not complete, 2021 showed the promise and potential of our Company's evolution from a turnaround story to a growth engine focused on sustainable profitability and generating free cash flow.
I am incredibly proud of our One Weatherford team's achievements, commitment, and focus
Last year had significant challenges, such as supply chain bottlenecks, inflationary pressure, and ongoing disruptions caused by the COVID-19 pandemic. Despite these obstacles, I am pleased that our global workforce banded together and delivered impressive results for our customers and shareholders. As we begin to see signs of recovery from the pandemic in many locations around the world, thanks to the availability of COVID-19 vaccines, we will continue to harness the momentum and spirit of our One Weatherford team. I want to give a special thanks to our frontline team members who served selflessly throughout the year and proudly carried out our operations in the field, factories, and repair and maintenance shops. Their hard work and dedication are truly appreciated.
As I reflect on a very eventful year, there are many moments that I am grateful, humbled, and proud to have been a part of. With a goal of delivering sustainable profitability and free cash flow generation, our team rose to the challenge and delivered well above expectations. Improving operating results enabled us to complete our journey back to the public markets by listing on the Nasdaq Stock Exchange under the new ticker symbol “WFRD.” We were then not only able to pay down $200 million of our debt, but also refinanced $2.1 billion of our debt, moving the maturities out several years, and materially reducing our annual interest expense.