Houston, March 08, 1999
Weatherford International, Inc. (NYSE: WFT) today announced that it signed a long-term agreement with Wood Group ESP, Inc., a unit of John Wood Group PLC., to market electric submersible pumping systems.
The addition of an electric submersible pump product line completes the fifth and final leg of the company’s product/technology base in artificial lift, making Weatherford the only company worldwide that can supply customers with all forms of artificial lift systems: reciprocating rod lift, gas lift, hydraulic lift, progressing cavity pumping and electric submersible pumps.
Under the agreement terms, Wood Group ESP, Inc., will provide electric submersible pumping systems under the Weatherford brand name, which Weatherford will market through its existing global customer sales and support infrastructure. Wood Group ESP, Inc., will continue to provide electric submersible pumping systems, under its own brand name, direct to its customer base.
“Our partnership with Wood Group ESP, Inc. is a strategic fit for Weatherford’s artificial lift capabilities,” said Bernard J. Duroc-Danner, Weatherford’s Chairman and CEO. “Weatherford now can bring to customers comprehensive product knowledge and the latest technology in all lift systems. We will be able to create additional value for customers by helping them choose and manage optimal system configurations. In addition, our full compliment of artificial lift systems, coupled with our completion and gas compression products, is accelerating our progress in developing complete production enhancement solutions for our clients.”
“We believe this partnership will combine the proven capabilities of our ESP product range with Weatherford’s unique approach to integrated artificial lift. This partnership materially expands our distribution area into several key international markets” said Wendell R. Brooks, President of Wood Group Petroleum Services.
Electric submersible pumps systems are typically targeted for high volume wells where gas is not readily available for use in gas lift. Their advantages include high volume and depth capabilities and the ability to operate in offshore installations or highly deviated wells.
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. Weatherford’s Artificial Lift group is the single-source provider of artificial lift systems and solutions worldwide, and the only company that offers a completely integrated suite of artificial lift systems for reciprocating lift, hydraulic lift, gas lift, electric submersible pumping and progressing cavity pumping.
UK-based John Wood Group PLC is an international energy services company employing 4500 people worldwide and operating in more than 20 countries. It serves the oil & gas, power generation, and other energy-related markets. Wood Group ESP, Inc., is one of the world’s top three electric submersible pump manufacturers providing oil and gas customers with solutions to their reservoir and production challenges.
Contacts:
Don Galletly (713) 693-4148
Christine McGee (713) 693-4362
Mike Sackash (405) 670-1431
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000