Houston, July 13, 1999
Weatherford International, Inc. (NYSE: WFT) today announced that its compression joint venture – Weatherford Global Compression Services – will be providing Total Compression Management for YPF S.A. in Argentina. The contract is valued at approximately $95 million.
Weatherford Global’s TCM is an all-inclusive natural gas compression processing program that simplifies compression acquisition, reduces operating expenses and optimizes horsepower for its customers. The YPF contract includes Weatherford Global Compression’s ownership of the natural gas compression and related processing equipment and complete maintenance and daily operations on compressor stations totaling approximately 78,000 horsepower.
“This project with YPF is the largest contract that Weatherford Global has been awarded, both in terms of size and scope of services provided,” said Bernard J. Duroc-Danner, Chairman and CEO of Weatherford International, Inc. “It solidifies our reputation for worldwide expertise in all areas of gas compression.”
The contract is the latest addition to Weatherford Global’s ongoing operations in Argentina. In addition to the new project, Weatherford Global provides leasing, operations and maintenance for additional compressor units for YPF and other companies, including Perez Companc and Gas Medanito. Weatherford is also one of the largest providers of artificial lift to Argentina’s oil industry.
Weatherford Global Compression is a single-source provider of natural gas compression solutions to a variety of customers worldwide. Its solutions comprise the widest choice of compression services in the business, including full service turnkey compression project management, a major fleet of rental compression units, maintenance and reconditioning services of customer owned equipment, custom designed compression systems, innovative financing programs and used equipment.
Houston-based Weatherford International, Inc. is one of the world’s largest providers of engineered products and specialized services to the drilling, completion and production sectors of the global oil and gas industry.
Contacts:
Don Galletly (713) 693-4148
Bruce Longaker (713) 693-4161
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000