Houston, December 01, 1998
Weatherford International, Inc. (NYSE: WFT) today announced several technology acquisitions and exclusive license arrangements – Radius, Rotech and TechLine – that will compliment the company’s extensive line of products and services for re-entry, thru-tubing and under-balanced drilling applications, all of which are dedicated to maximizing reservoir recovery and overcoming production decline rates.
Among the specialized technologies are guidance systems, short radius and metal-on-metal directional motors, coiled tubing tools, thru-tubing packers, thru-tubing tools and a broad range of thru-tubing processes. These technologies will be included in Weatherford’s Completion and Oilfield Services division, which operates in three segments: completion, fishing and re-entry. Specifically, the transactions include the following:
Radius: Houston-based company that specializes in high performance thru-tubing power sections (sizes 1-¾ inch through 3-½ inch), horizontal wet connect guidance systems, and engineered drilling services particularly for thru-tubing well designs.
Rotech: Worldwide exclusive license from Aberdeen-based Rotech Holdings Limited of technology for the MacDrill motor, a compact, unique all metal design for high temperature, under-balanced drilling/completing and well service applications, including thru-motor acidizing.
Techline: Houston-based company that specializes in thru-tubing inflatable packers and packer services, as well as a potential temperature compensation device.
These transactions, combined with Weatherford’s leading technologies for re-entry, position Weatherford as an integrated provider of products and services for production enhancement drilling, particularly for thru-tubing and under-balanced applications. With this expanded range of technologies, Weatherford will be capable of providing customers with state-of-the-art drilling systems for short radius coil tubing drilling, underbalanced and high temperature environments. In addition, Weatherford will hold particular expertise for thru-tubing applications covering the full range from workover maintenance to re-entry systems.
The Company expects that re-entry combined with thru-tubing and underbalanced drilling, already significant emerging markets, will grow substantially as producers focus on the economies of leveraging existing well bore infrastructure for maximum reservoir recovery.
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.
Contacts:
Don Galletly (713) 693-4148
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
713-693-4000