Houston, April 07, 1999
Weatherford International, Inc. (NYSE: WFT) today announced the acquisition of New Zealand-based Austoil Technology Ltd. Austoil Technology Ltd., a subsidiary of the Austoil Group, develops products for extended reach and long horizontal section drilling applications.
The acquisition provides Weatherford with patented mechanical friction reduction technology, including roller-based tools that reduce drag and torque in rotary drilling, coil tubing drilling, cementing and sand screen applications. The unique Austoil roller technology significantly augments Weatherford’s extensive offering of products that are critical for successful extended reach and horizontal applications. Austoil products have been used extensively in the North Sea and are recognized for their ability to significantly reduce torque and drag in these types of reservoirs.
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.
Austoil Technology Ltd. was incorporated in New Zealand in 1996 by Austoil Group to provide ongoing research and development of technologically advanced solutions to problems encountered in extended reach drilling.
Contacts:
Don Galletly (713) 693-4148
Christine McGee (713) 693-4362
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000