Weatherford and Kwantis to Deliver Data-Driven Drilling Performance Management with Advanced Analytics

Rhea-AI Summary

Weatherford International (NASDAQ: WFRD) announced a strategic agreement with Kwantis to enhance its Centro™ well construction optimization platform. This collaboration will incorporate multi-well benchmarking and advanced drilling KPI analytics, aiming to improve operational visibility and performance optimization for clients. The Centro platform features automated, real-time adjustments to deliver optimal well outcomes, leveraging intelligent algorithms to anticipate downhole issues and minimize costs and emissions. Both companies emphasize their commitment to innovation in energy services.

Positive

• Strategic collaboration with Kwantis enhances the Centro™ platform with advanced analytics.
• Integrates multi-well benchmarking to improve operational efficiency.
• Real-time adjustments through intelligent algorithms anticipate and mitigate downhole issues.

Negative

• None.

HOUSTON, Oct. 13, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") announces entering into a strategic agreement with Kwantis, a leading advanced drilling analytics company. This agreement will strengthen the Weatherford Centro™ well construction optimization platform with multi-well benchmarking and Drilling KPI analytics to provide exceptional visibility and performance optimization across multiple operations for our clients.

With automated and predictive capabilities, the Centro platform makes dynamic adjustments using real-time well engineering to optimize well delivery results. Intelligent algorithms, smart alerts, and real-time engineering models simulate downhole conditions and anticipate issues before they become hazards. Integrating Kwantis' ID3 advanced analytics with the Centro platform strengthens performance management capabilities by enabling asset teams to enable well planning in real-time, and post-well analysis while foreseeing downhole drilling issues and identifying opportunities to reduce cost and emissions.

Nicola Rossi, Chief Operating Officer at Kwantis, commented, "This agreement with Weatherford is a win-win because both companies have rich and complementary software solutions in drilling data analytics. With this collaboration, we can now propose an integrated and innovative solution that creates the highest value for our clients."

Matt Foder, Senior Vice President of Innovation and New Energy at Weatherford, also commented, "We are proud to collaborate with Kwantis to deliver best-in-class drilling and well construction optimization to our clients. This relationship highlights Weatherford's commitment to innovation and investing in updating our technology to add the most value to our clients. We know our combined strengths will deliver game-changing operations for our clients worldwide."

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company operates in approximately 75 countries with a global talent network of approximately 17,500 team members representing more than 110 nationalities and 350 operating locations.

Contacts

For Media:
Kelley Hughes
Weatherford International plc
Director Global Communications
kelley.hughes@weatherford.com

 

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SOURCE Weatherford International plc

FAQ

What is the significance of the agreement between Weatherford and Kwantis?

The agreement enhances Weatherford's Centro™ platform, improving drilling performance and operational visibility.

How does the Centro™ platform improve drilling operations for Weatherford?

Centro™ utilizes automated and predictive capabilities to optimize well delivery results and anticipate downhole conditions.

What are the main features of the Kwantis analytics being integrated into Weatherford's services?

Kwantis' advanced drilling analytics provide multi-well benchmarking and real-time performance management.

What is Weatherford's focus regarding its technological advancements?

Weatherford is committed to innovation and enhancing its technology to maximize value for clients.

When was the strategic agreement between Weatherford and Kwantis announced?

The agreement was announced on October 13, 2022.