Weatherford Signs Two Drilling Services Contracts In Russia Valued At $67 Million

Services Include Rotary Steerable Drilling, Geosteering and Geo-Data Interpretation

HOUSTON, October 31, 2019 - Weatherford International plc (OTC-PINK:WFTIQ) announced it has signed two contracts totaling $67.4 million for drilling services with two major operators in Russia.

The first contract spans two-and-a-half years. Operations began in July 2019 and will last through the end of 2022. Weatherford will provide logging-while-drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drilling, and geo-data interpretation services at several oilfields in Western Siberia.

The second contract is a three-year drilling services contract. Operations will begin in early 2020 with Weatherford providing LWD, MWD, RSS, geosteering, and geo-data interpretation services at the Novyi Port oilfield on the Yamal Peninsula.

“These long-term contracts with major operators in Russia are a testament to Weatherford’s record of advancing drilling technology and delivering excellent service in that region,” said Fayaz Kamalov, Weatherford Vice President of Russia. “Major Russian operators are investing in Weatherford drilling services because of our best-in-market technology, unceasing dedication to growing our capabilities, and the professional knowledge of our team.”

At present, Weatherford is running multiple local facilities to support its customers and operations in Russia. Three full-time drilling service centers in key production areas across Russia maintain field equipment, and one Real-Time Operations Center provides around-the-clock remote support for all ongoing projects. Weatherford is also mobilizing the Magnus® RSS to Russia to assist with increased activity and challenging customer requirements which the system is uniquely suited to address.

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About Weatherford

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in more than 80 countries and has a network of 620 locations, including manufacturing, service, research and development, and training facilities and employs more than 24,000 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.

Contacts: 

Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer

Karen David-Green
+1.713.836.7430
Senior Vice President Stakeholder Engagement and Chief Marketing Officer