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Weatherford International plc (symbol: WFRD) is a prominent multinational company specializing in oilfield services and solutions. Operating in over 100 countries, Weatherford offers a comprehensive portfolio that spans the entire life cycle of a well, including drilling, formation evaluation, well construction, and completion. The company's core business revolves around delivering innovative technologies and services to the oil and gas industry.
Weatherford is recognized as a global market leader in artificial lift systems and tubular running services. In addition to these key areas, the company provides a wide array of other essential oilfield services such as cementing products, directional drilling, and wireline evaluation. This diversified service offering ensures that Weatherford can meet the complex needs of oilfield operations across various international markets.
Recently, Weatherford has achieved significant milestones in both technology and market expansion. The company continues to invest in research and development, ensuring that its products remain at the forefront of industry innovation. Moreover, Weatherford has formed strategic partnerships to enhance its service delivery and expand its market presence.
Financially, Weatherford is committed to maintaining a robust economic foundation. The company’s strategic focus on segment adjusted EBITDA as a primary measure of profitability ensures that it remains financially sound while delivering shareholder value. For further details, you can reach out to Mohammed Topiwala, Vice President of Investor Relations and M&A, at investor.relations@weatherford.com. For media inquiries, contact Kelley Hughes, Sr. Director of Communications & Employment Engagement, at media@weatherford.com.
Weatherford International (NASDAQ: WFRD) announced a $40 million increase in its Credit Facility, bringing total commitments to $720 million. The facility now includes a $327 million tranche for performance letters of credit and a $393 million tranche for revolving loans. Additionally, the amendment allows the accordion feature to increase up to $1 billion. CEO Girish Saligram highlighted the liquidity and capital structure flexibility this provides, affirming the company's focus on long-term value generation. Weatherford operates in 75 countries with a workforce of 18,800 and offers innovative energy services combining proven technologies and digitalization.
Weatherford International (NASDAQ: WFRD) has secured a five-year contract with Bapco Upstream, a subsidiary of Bapco Energies in Bahrain. This agreement involves providing Directional Drilling and Logging While Drilling Services, replacing their previous contract from 2015. Weatherford will employ its comprehensive suite of drilling technologies and the Centro™ optimization platform to enhance reservoir-characterization data, aiming for improved collaboration, transparency, and operational efficiency. CEO Girish Saligram highlights this contract as a testament to Weatherford's longstanding performance and advanced digital capabilities in Bahrain.
Weatherford has signed an MOU with QatarEnergy to support Tawteen’s In-Country Value program. This collaboration aims to enhance the local energy industry, create job opportunities, and drive technological innovation aligned with Qatar National Vision 2030.
Key initiatives include developing Qatari nationals in technical fields, infrastructure, technology, and supply chains. Weatherford’s CEO, Girish Saligram, highlights this partnership as a significant milestone, reinforcing sustainable development and technological advancement in the region.
Weatherford (NASDAQ: WFRD) has secured a two-year extension of its framework agreement with Equinor for completions, liner-hangers, and slot recovery services. The agreement leverages Weatherford's Accuview® downhole monitoring solutions and AlphaVTM next-generation whipstock system, which have significantly enhanced operational efficiency and reduced rig time. The 2023 deployment of AlphaVTM in the North Sea saved costs and improved remote monitoring capabilities. Weatherford's recently executed slot recovery operation, using technologies from the Ardyne portfolio, delivered further cost and operational enhancements. The extension also includes access to Weatherford's ForeSite® sense optical reservoir monitoring solution, facilitating production optimization. CEO Girish Saligram expressed pride in the extended partnership, emphasizing the significance of Weatherford's innovative offerings.
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