Weatherford Acquires CygNet Software
HOUSTON, TEXAS, May 19, 2011 - Weatherford International Ltd. (NYSE / Euronext Paris / SIX: WFT) today announced the acquisition of CygNet Software, the leading Enterprise Operations Platform (EOP) provider, delivering SCADA and operational applications. This acquisition significantly enhances Weatherford’s Field Office software suite and associated strategy to provide a comprehensive set of tools for monitoring, analyzing and controlling the full spectrum of production operations.
“This represents a significant addition to our ability to provide a complete solution for unconventional resources,” remarks Dharmesh Mehta, Vice President of Production Systems for Weatherford. Mehta continues, “We can now provide a complete optimization solution to all shale producers around the world as well as provide integrated optimization to CygNet’s existing clients.”
CygNet’s proven technology collects, manages, and distributes essential real-time data which will enhance Weatherford’s clients’ ability to use data from industry control and measurement devices. The solution will be delivered both as a native installation, and as a hosted Software as a Service (SaaS) offering. With the addition of CygNet, Field Office components will now be used on over 350,000 wells giving operators a wide variety of linked tools to enhance production operations.
“This acquisition delivers the institutional horsepower necessary to propel CygNet into both the international market and liquids production segments. With our leadership position in the North American gas production segment, access to these additional markets as well as Weatherford’s leading suite of production optimization applications, we are excited about the areas of growth and the ongoing value to be delivered to our clients,” commented Chris Smith, President and CEO of CygNet Software.
CygNet Software empowers leading oil and gas companies to increase their operational efficiency, market responsiveness and regulatory compliance. CygNet’s Enterprise Operations Platform (EOP) provides a platform for collecting, managing and distributing massive amounts of real-time and historical data from field, production and business systems, giving users at all organizational levels the information they need to support daily operations and make informed strategic decisions.
Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 55,000 people worldwide.
Christine Mathers, Weatherford +1 713.297.2689