Houston, November 03, 1998
Weatherford International, Inc. (NYSE: WFT) announced today that its drilling product manufacturer Grant Prideco is introducing ThermocaseTM, a proven insulated tubing technology, to its downhole tubular accessory product line.
The product uses proprietary technology that prevents paraffin and hydrate buildup in wells. Grant Prideco has been awarded its first long-term contract for Thermocase from Shell Oil for use on deepwater projects.
Thermocase is designed for use in permafrost areas and, most significantly, deepwater production operations. Significant market areas for the product include the U.S., Gulf of Mexico, offshore Brazil, the UK Shetland Island area, offshore Western Africa and Indonesia.
Thermocase incorporates an inner metal tube welded within an outer metal tube and represents the most cost-effective technology for eliminating paraffin and hydrate formation in these critical applications. The product will be manufactured at Grant Prideco’s Tube-Alloy facility in Houma, La. Grant Prideco is the number one supplier of drill stem technology worldwide and North America’s leader in premium connection technologies and tubulars.
Houston-based Weatherford International, Inc. is one of the largest global providers of engineered products and services to the drilling and production segments of the oil and gas industry.
Christine McGee (713) 693-4362
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford's prospects for its operations and the integration of recent acquisitions, all of which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International, Inc.'s Annual, Quarterly and Current Reports filed with the Securities and Exchange Commission, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the demand and pricing of Weatherford's products, as well as the ability to achieve the anticipated synergies and savings from the recent merger between EVI, Inc. and Weatherford Enterra, Inc. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027