Houston, August 30, 1999
Weatherford International, Inc. (NYSE: WFT) today announced that the Company’s Grant Prideco subsidiary has acquired a controlling 54 percent interest in H-Tech, a Singapore-based drill pipe manufacturer with facilities located on Batam Island. Grant Prideco, which previously held a 27 percent interest in H-Tech paid approximately $6 million to acquire an additional 27 percent and bring its total ownership to 54 percent. Grant Prideco will assume operating and marketing responsibility for H-Tech.
H-Tech is a major regional manufacturer and supplier of drill pipe and drill pipe accessories. H-Tech’s modern drill pipe facility in Batam is strategically located to serve Far Eastern and Middle Eastern oil and gas markets. The rated capacity of the facility exceeds one million feet of drill pipe per year.
Grant Prideco, is the leading global supplier of drill pipe and a leading supplier for engineered connections and premium tubulars in North America, particularly for deepwater Gulf of Mexico applications.
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
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