Weatherford Announces Contract Awards with Kuwait Oil Company and NOC in Qatar
Rhea-AI Summary
Weatherford International (NASDAQ: WFRD) has secured two significant contracts in the Middle East. The first is with Kuwait Oil Company (KOC) for Managed Pressure Drilling services, featuring their Victus™ Intelligent MPD system for enhanced operational efficiency and safety. The second is a five-year contract with a National Oil Company in Qatar for fishing and drilling tools, including a five-year extension option. Both contracts aim to improve drilling operations through advanced technology implementation, focusing on safety, efficiency, and operational resilience.
Positive
- Secured new contract with Kuwait Oil Company for MPD services
- Won five-year contract with Qatar NOC for fishing and drilling tools, with five-year extension option
- Expanding presence in strategic Middle East market
Negative
- None.
News Market Reaction – WFRD
On the day this news was published, WFRD gained 9.55%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced two contracts in the Middle East, with Kuwait Oil Company (“KOC”) and a National Oil Company (“NOC”) in Qatar.
KOC awarded Weatherford a Managed Pressure Drilling (“MPD”) services contract, focusing on improving operational efficiency, enhancing safety, accelerating well-delivery timelines, and reducing costs by deploying Weatherford’s innovative Victus™ Intelligent MPD system. Known for its automation and precision, Victus™ enables safer and faster drilling by providing precise pressure control and real-time data integration to optimize well conditions in complex drilling environments. This advanced technology is set to support KOC’s goals for enhanced safety, speed, and cost efficiency in well delivery.
In addition, Weatherford has secured a five-year contract with an NOC in Qatar to provide fishing and drilling tools, with a five-year extension option. This contract highlights Weatherford’s commitment to supporting the NOC’s operational resilience by offering advanced fishing and drilling solutions. These tools, combined with Weatherford’s technical expertise, will assist the operator in overcoming challenging fishing scenarios, ensuring continuity and efficiency in their drilling operations.
Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “Weatherford is honored to partner with both KOC and an NOC in Qatar. These agreements underscore our commitment to delivering cutting-edge technologies and dependable service, reinforcing our position as a trusted partner in the Middle East and supporting regional operators in achieving their enhanced safety, efficiency, and resilience goals.”
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.
For Media:
Kelley Hughes
Corporate Communications
Media@weatherford.com
FAQ
What new contracts did Weatherford (WFRD) announce in November 2024?
What technology is Weatherford (WFRD) deploying for Kuwait Oil Company?
What is the duration of Weatherford's (WFRD) contract with the Qatar NOC?
