Weatherford International , one of the biggest oil-field service companies in the world, will lay off 5,000 employees during the first quarter as it tries to cope with a sharp downturn in energy prices. The company said late Wednesday that 85%, or 4,250 of the jobs lost, will come in the Western Hemisphere. The move is expected to save the company $350 million annually, Weatherford management said late Wednesday while announcing financial results for 2014. “We are ready to react swiftly to a dramatically changing landscape,” Chief Executive Bernard J. Duroc-Danner said. In addition, the company is offering voluntary buyouts to certain eligible employees to further reduce its head count. Weatherford’s extensive job cuts amount to 9% of its global workforce. Oil prices have plunged more than 50% since June, putting Weatherford and its peers on the ropes. Oil-field service companies help energy companies drill new oil and gas […]