Weatherford Announces Contract Awards with Kuwait Oil Company and NOC in Qatar
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.
Weatherford International (NASDAQ: WFRD) ha ottenuto due contratti significativi in Medio Oriente. Il primo è con la Kuwait Oil Company (KOC) per servizi di Managed Pressure Drilling, che prevede il loro sistema Victus™ Intelligent MPD per un'ottimizzazione dell'efficienza operativa e della sicurezza. Il secondo è un contratto di cinque anni con una compagnia petrolifera nazionale in Qatar per strumenti di pesca e perforazione, con un'opzione di estensione di cinque anni. Entrambi i contratti mirano a migliorare le operazioni di perforazione attraverso l'implementazione di tecnologie avanzate, con focus su sicurezza, efficienza e resilienza operativa.
Weatherford International (NASDAQ: WFRD) ha asegurado dos contratos importantes en Oriente Medio. El primero es con la Kuwait Oil Company (KOC) para servicios de Perforación con Presión Controlada, que incluye su sistema Victus™ Intelligent MPD para mejorar la eficiencia operativa y la seguridad. El segundo es un contrato de cinco años con una compañía nacional de petróleo en Qatar para herramientas de pesca y perforación, con una opción de extensión de cinco años. Ambos contratos tienen como objetivo mejorar las operaciones de perforación mediante la implementación de tecnología avanzada, centrando su atención en la seguridad, la eficiencia y la resiliencia operativa.
Weatherford International (NASDAQ: WFRD)는 중동에서 두 개의 중요한 계약을 체결했습니다. 첫 번째 계약은 Kuwait Oil Company (KOC)와의 Managed Pressure Drilling 서비스 계약으로, 운영 효율성과 안전성을 높이기 위해 Victus™ Intelligent MPD 시스템을 포함하고 있습니다. 두 번째는 카타르의 국영 석유회사와의 5년 계약으로, 어획 및 시추 도구를 포함하며, 5년 연장 옵션이 있습니다. 두 계약 모두 안전성, 효율성 및 운영 복원력에 중점을 두고 고급 기술을 통해 시추 작업을 개선하는 것을 목표로 하고 있습니다.
Weatherford International (NASDAQ: WFRD) a remporté deux contrats significatifs au Moyen-Orient. Le premier est signé avec la Kuwait Oil Company (KOC) pour des services de forage à pression gérée, incluant leur système Victus™ Intelligent MPD pour améliorer l'efficacité opérationnelle et la sécurité. Le second est un contrat de cinq ans avec une compagnie pétrolière nationale au Qatar pour des outils de pêche et de forage, avec une option de prolongation de cinq ans. Les deux contrats visent à améliorer les opérations de forage grâce à la mise en œuvre de technologies avancées, en mettant l'accent sur la sécurité, l'efficacité et la résilience opérationnelle.
Weatherford International (NASDAQ: WFRD) hat zwei bedeutende Verträge im Nahen Osten abgeschlossen. Der erste Vertrag ist mit der Kuwait Oil Company (KOC) für Managed Pressure Drilling-Dienstleistungen, die ihr Victus™ Intelligent MPD-System zur Verbesserung der Betriebseffizienz und Sicherheit beinhalten. Der zweite ist ein Fünfjahresvertrag mit einem nationalen Ölunternehmen in Katar für Fischerei- und Bohrwerkzeuge, einschließlich einer Verlängerungsoption von fünf Jahren. Beide Verträge zielen darauf ab, die Bohroperationen durch den Einsatz fortschrittlicher Technologien zu verbessern, wobei der Schwerpunkt auf Sicherheit, Effizienz und betrieblicher Resilienz liegt.
- 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
- None.
Insights
These contracts mark significant operational wins in the Middle East market. The Kuwait Oil Company MPD contract is particularly noteworthy as it involves Weatherford's advanced Victus™ system, which addresses critical operational challenges in complex drilling environments. The five-year Qatar NOC contract with a potential five-year extension represents substantial long-term revenue potential.
The strategic importance lies in Weatherford's expanding footprint in the Middle East, where national oil companies are increasing investments in drilling efficiency and safety. The Victus™ system's automated capabilities align with the industry's push toward digitalization and operational excellence. These contracts strengthen Weatherford's market position in a region known for high-value, long-term projects.
While specific contract values weren't disclosed, these agreements with major national oil companies typically represent significant revenue streams and demonstrate strong market confidence in Weatherford's technological capabilities.
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
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