Weatherford Announces Acquisition of Datagration

Rhea-AI Summary

Weatherford International plc (NASDAQ: WFRD) has announced the acquisition of Datagration Solutions Inc., a leader in unified data integration, analytics, and machine learning. This strategic move positions Weatherford as a frontrunner in digital offerings for production and asset optimization in the energy industry. The integration of Weatherford's digital platforms with Datagration's unified data models creates a powerful solution for surveillance, optimization, and decision-making across the well lifecycle.

The acquisition is expected to enhance Weatherford's digital transformation capabilities, drive synergies with its existing platforms, and improve digital enablement across the enterprise. It will also bolster the company's ability to integrate emissions data, enhancing sustainability management. CEO Girish Saligram emphasized that this acquisition is a step forward in differentiating Weatherford's technology portfolio and accelerating innovation in the energy industry's digital transformation.

Positive

• Acquisition of Datagration strengthens Weatherford's digital offerings for production and asset optimization
• Integration expected to enhance capabilities in digital transformation and drive synergies with existing platforms
• Improved ability to integrate emissions data for better sustainability management
• Potential for accelerated innovation and growth in energy industry digital transformation

Negative

• None.

HOUSTON, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced the acquisition of Datagration Solutions Inc., an innovator in unified data integration, analytics, and machine learning. The acquisition establishes Weatherford as having one of the industry's most capable and contemporary digital offerings for production and asset optimization and demonstrates its commitment to continuously driving innovation across its technology portfolio.

The integration of Weatherford’s digital offering with Datagration’s unified data models creates a powerful solution for surveillance, optimization, and decision-making across the well lifecycle. The combination enhances Weatherford’s capabilities in digital transformation and drives amplified synergies with its ForeSite®, CygNet ®, and CENTRO® platforms. Furthermore, it improves digital enablement across the enterprise, creating operating efficiencies, and also allows for the integration of disparate emissions data to enhance emissions tracking, reporting, and overall sustainability management that will help deliver improved value to customers.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “This acquisition of Datagration is another step forward as we continue to differentiate our technology portfolio. The addition will not only enhance our enterprise capabilities but also accelerate our innovation and growth in the digital transformation of the energy industry. We are excited to welcome the Datagration team to Weatherford and look forward to the value this acquisition will deliver to our customers in the future.”

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 conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

Contacts

For Investor:
Luke Lemoine
Investor Relations
Investor.Relations@weatherford.com

For Media:
Kelley Hughes
Corporate Communications
Media@weatherford.com

FAQ

What company did Weatherford (WFRD) acquire in September 2024?

Weatherford International plc (NASDAQ: WFRD) acquired Datagration Solutions Inc., an innovator in unified data integration, analytics, and machine learning.

How will the Datagration acquisition benefit Weatherford's (WFRD) digital offerings?

The acquisition enhances Weatherford's digital transformation capabilities, improves integration with existing platforms like ForeSite®, CygNet®, and CENTRO®, and strengthens its ability to offer comprehensive solutions for well lifecycle optimization and sustainability management.

What impact is the Datagration acquisition expected to have on Weatherford's (WFRD) market position?

The acquisition is expected to establish Weatherford as having one of the industry's most capable and contemporary digital offerings for production and asset optimization, potentially strengthening its market position in energy technology services.

How does the Datagration acquisition align with Weatherford's (WFRD) strategic goals?

The acquisition aligns with Weatherford's strategy to differentiate its technology portfolio, accelerate innovation, and drive growth in the digital transformation of the energy industry, as stated by CEO Girish Saligram.