HOUSTON, October 4, 2001 - - Weatherford International, Inc. (NYSE: WFT) announced today that it has acquired sole ownership of International Nitrogen Services LLC (INS) from MG Generon, Inc. Previously, Weatherford owned 51% and MG Generon owned 49% of INS. Weatherford also acquired from MG Generon all of the intellectual property relating to INS.
INS, which is the world's largest provider of membrane nitrogen services to the drilling industry, will be merged into Weatherford's Underbalanced Services unit. INS was the first company to use membrane nitrogen units for drilling. INS technology is patented and the company has drilled more wells with nitrogen than any other company.
Houston-based Weatherford International, Inc. (http://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 approximately 100 countries and employs approximately 13,000 people worldwide.
Contact:
Don Galletly
(713) 693-4148