Weatherford Partners with Ardyne, Bolstering Plug & Abandonment and Slot Recovery Portfolio

Rhea-AI Summary

Weatherford International has announced a strategic partnership with Ardyne to enhance well-decommissioning technology. This collaboration aims to deliver comprehensive Plug & Abandonment (P&A) solutions globally, leveraging Weatherford's Firma^™ offering and Ardyne’s specialized techniques.

The investment in Ardyne serves to reduce rig time by an estimated 70-80% in complex well environments, thus addressing critical market needs. Both companies express commitment to innovation and mutual success in the P&A sector.

Positive

• Strategic partnership with Ardyne enhances Weatherford's capabilities in well-decommissioning.
• Investment in Ardyne's technology aims to reduce rig time by 70-80%, improving operational efficiency.
• Collaboration allows Weatherford to grow Ardyne's brand and expand into new markets.

Negative

• None.

HOUSTON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced a strategic partnership with Ardyne, a leader in specialized well-decommissioning technology. This agreement will enable Weatherford and Ardyne to deliver significant value to customers globally by offering the industry’s most comprehensive portfolio of Plug & Abandonment (P&A) and Slot Recovery solutions.

The Company will invest in Ardyne’s specialized single-trip abandonment and slot-recovery technology to pair with the premier Firma^™ P&A offering from Weatherford. With leading expertise in P&A and a global footprint, Weatherford will enable Ardyne to grow its brand and compete in new markets while it remains an independent company. This combined offering addresses a vital niche in late-life well management by allowing operators to tap into additional reserves or sustainability abandon nonproductive wells with an estimated 70 to 80 percent reduction in rig time in complex well environments.

Girish K. Saligram, Weatherford President and Chief Executive Officer, commented, “We are excited about this announcement, as it demonstrates our continuing commitment to innovation and value creation in the well-decommissioning space. Partnering with Ardyne was a clear and easy choice because together, we can address critical needs in the P&A market. We look forward to the mutual success this investment enables.”

Alan Fairweather, Ardyne’s Chief Executive Officer, also commented, “Ardyne’s proprietary technologies are designed for efficient well decommissioning but are also core for slot recovery operations when combined with the Weatherford Intervention Services portfolio, comprising a strong mix of fishing, milling, and casing-exit technologies. We are excited about the opportunity to scale our offering through the global Weatherford brand, geographical footprint, operational infrastructure, and contract pipeline.”

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.

About Ardyne
Ardyne develops and supplies specialized technology and services to the global energy industry, focusing on reducing rig time spent on downhole casing removal in slot recovery/re-entry, workover, and plug-and-abandonment operations throughout the well life cycle.

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

FAQ

What is the strategic partnership between Weatherford and Ardyne about?

The partnership focuses on enhancing well-decommissioning technology, specifically for Plug & Abandonment (P&A) solutions.

How will the Weatherford and Ardyne collaboration benefit customers?

It will offer a comprehensive portfolio of P&A and Slot Recovery solutions, significantly reducing rig time.

What is the expected reduction in rig time as a result of the partnership?

The partnership aims for a 70-80% reduction in rig time in complex well environments.

When was the partnership between Weatherford and Ardyne announced?

The partnership was announced on November 29, 2022.

What is the stock symbol for Weatherford?

Weatherford trades under the stock symbol WFRD.