Houston, October 23, 2000
Weatherford International, Inc. (NYSE: WFT) today announced that it has acquired Starfield Multilateral Well Completion technology from Starfield Holdings, Inc.
Weatherford now owns the StarGate System, a fully integrated multilateral system that includes drilling, completion and re-entry technology and equipment. The system uses the patent-pending “dual keyway” window. The “keyway” system allows an unlimited number of laterals to be installed in a well, as well as selective re-entry of each lateral well. It is the only system allowing downhole orientation of pre-milled windows without the need for rotation of the casing from the surface. This provides a substantial advantage in drilling cost, as well as predictability.
The acquisition expands Weatherford’s higher-end multilateral well completion technology as well as re-entry services. Specifically, the new acquisition will allow Weatherford to further its presence in the markets for Levels 3-6 of multilateral completions or the very high end of junction technology.
Also included in the acquisition are Starfield’s StarGate Set Whipstock, Junction Tie Back Liner Set, Completion Installation, MillKey-Way™ System for existing wells, StarTracker re-entry tool, and the StarDeflector™/StarLocator™ systems for lateral completions.
The addition of the Starfield Multilateral capabilities builds Weatherford's strategic position in the key mechanical technologies that it considers essential for reservoir recovery. The key technologies include expandable sytems, intelligent completion, multilaterals and underbalanced drilling.
Houston-based Weatherford International, Inc. (www.weatherford.com) is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 50 countries and employs approximately 10,000 people worldwide.
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