Weatherford Signs $80 Million Liner-Hanger Frame Agreement With Equinor
BAAR, Switzerland, Aug. 28, 2019 /PRNewswire/ -- Weatherford International plc (OTC-PINK: WFTIQ) (the "Company" or "Weatherford") announced it has signed an $80 million liner-hanger frame agreement with Equinor, a Norwegian-based international energy company. The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford.
Mark Hopmann, President of Completions for Weatherford said, "Weatherford is the market leader for liner-hanger technology across the North Sea. Guided by a principle of flawless execution, we deploy our liner hangers for reduced operating expenses and superior performance reliability."
Originally developed for the North Sea, Weatherford liner-hanger systems offer durability in routine and quality-critical applications throughout the world. The premium systems are field-proven in the harshest environments, including ultradeep, high-angle, and extended-reach wellbores. Weatherford manufactures nearly every component of its liner-hanger systems. The high-quality designs help operators to reach total depth with reliability.
The Company's liner-hanger technology reduces the length of the last liner set in the well by several hundred meters. Rather than extending a single casing string to the top of the wellbore, the technology enables suspending the liner below the ground. The savings are substantial versus a conventional casing run, especially considering the associated time and costs for cementing.
About Weatherford
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in more than 80 countries and has a network of 620 locations, including manufacturing, service, research and development, and training facilities and employs more than 24,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.
Contact:
Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer
Karen David-Green
+1.713.836.7430
Senior Vice President Stakeholder Engagement and Chief Marketing Officer
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