Houston, August 05, 1999
Weatherford International, Inc. (NYSE: WFT) announced today that it has acquired Cardium Tool Services, Inc. of Edmonton, Alberta, Canada. Cardium specializes in the design, engineering, manufacture and service of completion tools and specialty completion systems. The purchase price was US $14.5 million, inclusive of assumed debt.
Cardium’s product lines include liner hangers, permanent and retrievable packers for production applications and service tools such as treating packers and cement retainers.
The acquisition of Cardium furthers Weatherford’s integrated completions strategy. Weatherford’s capabilities include packers, best-in-class liner hanger systems, a comprehensive line of inflatable packers, a broad selection of well screens, intelligent well technology and cementing and elastomer products. Cardium’s liner hanger systems complement Weatherford’s product lines and include both hydraulic and mechanical systems.
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 globa
Contacts:
Don Galletly (713)693-4148
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000