Weatherford Secures Major Contract for Tubular Running Services
Weatherford Earns Contract with Petrobras for Tubular Services
Weatherford International plc (NASDAQ: WFRD) has secured a notable contract with Petróleo Brasileiro S.A. (Petrobras) for Tubular Running Services (TRS) in Brazil. This three-year contract, valued at $147 million, reflects Weatherford's expertise and commitment to providing advanced drilling solutions. The award follows a competitive tender process and highlights the company’s position as a leader in TRS technologies designed to enhance the safety and efficiency of drilling operations.
Innovative Technologies Utilized
Under this contract, Weatherford will implement several industry-leading technologies that underline their commitment to innovation. Key components of the service include the Vero™ system, which automates the make-up and evaluation process, ensuring exceptional connection integrity. The Multi Slip System will further streamline the assembly process, allowing mixed casing strings to be run without changes, maintaining operational momentum while enhancing safety.
Enhanced Safety Features
Weatherford is also deploying the Flush Joint Elevator, a significant advancement that eliminates the necessity for lift plugs. This technology significantly boosts safety and efficiency during tubular handling operations. Additionally, the StringGuard™ system, designed to autonomously prevent string drops, will contribute to safer operations in the challenging drilling environment.
Leadership Insights
The President and Chief Executive Officer of Weatherford, Girish Saligram, expressed pride in this achievement. He stated, "This award demonstrates the robustness of our Tubular Running Services portfolio. We are dedicated to supporting Petrobras with cutting-edge technologies and a team skilled in delivering safe, efficient, and reliable operations." His comments underline the emphasis on innovation and safety that is central to the contract.
A Legacy of Support
Weatherford's relationship with Petrobras extends over a decade, showcasing a successful collaboration marked by shared advancements in technology and performance. This new contract not only solidifies their partnership but also establishes Weatherford’s reputation as a technological leader in tubular running solutions, committed to operating at the highest safety standards and providing local expertise.
Company Overview
Weatherford is recognized for delivering innovative energy services, merging established technologies with advanced digital solutions to optimize resource management and maximize value. The company operates in approximately 75 countries, employing around 17,300 team members from over 110 nationalities. Their operational footprint spans across 310 locations worldwide. Through collaboration with its customers, Weatherford focuses on strategic solutions that enhance efficiency and responsibility within energy operations.
Contact Information
For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
For Media:
Kelley Hughes
Weatherford Corporate Communications
media@weatherford.com
Frequently Asked Questions
What contract did Weatherford announce?
Weatherford announced a three-year contract with Petrobras for Tubular Running Services valued at $147 million.
What are the key technologies used in this contract?
The key technologies include Vero™, the Multi Slip System, the Flush Joint Elevator, and StringGuard™.
How does this contract enhance safety?
The contract utilizes advanced technologies designed to improve safety, such as the elimination of lift plugs and systems to prevent dropped strings.
How long has Weatherford worked with Petrobras?
Weatherford has been supporting Petrobras operations for more than a decade, showcasing a strong collaboration.
Where does Weatherford operate?
Weatherford operates in about 75 countries worldwide, employing over 17,300 individuals across various locations.
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