Houston, July 16, 2001
Weatherford International, Inc. (NYSE: WFT) today announced that it has acquired Brit Bit Limited,(BBL) based in Aberdeen, Scotland. BBL is recognized as an international manufacturer and supplier of innovative technologies for drilling and completions with a significant presence in the North Sea and Australian markets.
The acquisition will enhance and complement Weatherford’s Expandable, Multilateral, Liner Hanger and Cementation product lines. Operations will be integrated into Weatherford’s Drilling and Intervention Services division. The acquisition boosts Weatherford’s manufacturing and design initiatives with the addition of a focused research and development facility in Aberdeen and a manufacturing facility in Arbroath.
Key technologies acquired include the ReamerShoe™, DrillShoe™, the SlickSleeve™, and PDC Drill Bits. The ReamerShoe is a technically advanced liner/casing shoe that improves success rates of running casing to bottom. The DrillShoe line of drill bits allows “Drilling with Casing” (DwC™) and has no competitive product in the industry. The SlickSleeve is a breakthrough torque and drag technology for extended reach applications. PDC Drill Bits have several unique features including a patented casting process, lateral jets and power cutters. These unique proprietary technologies are all recognized for offering significant operating economics.
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 11,500 people worldwide.
Contacts:
Karen Gillen-Allen 713-693-4248
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000