Houston, December 18, 2000
Weatherford International, Inc. (NYSE: WFT) today announced that the company has acquired Oil Country Manufacturing (OCM) of Ventura, California. Oil Country is a leading supplier of equipment to the well servicing and workover segments of the oilfield services industry. OCM also adds to Weatherford increased capacity through OCM’s extensive in-house machining and fabrication capabilities. OCM will continue to operate under its own name and will be part of Weatherford's Drilling & Intervention Services Division.
Weatherford intends to incorporate and perform all manufacturing of its power equipment and rig systems components at OCM's facility in Ventura, California. Transition of existing inventories and work-in-process from Weatherford’s manufacturing facility in Houston will take place over the next 6 months. A second phase will include the integration of certain rig system equipment from Weatherford’s facility in Germany to the OCM plant.
"Weatherford’s goal will be to continue expansion of the successful well servicing and workover business established by OCM over the past decade," said Gary Warren, President of Weatherford’s Drilling & Intervention Services division. "The acquisition of OCM will better position Weatherford to handle our customers’ growing requirements for well service applications."
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
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000