The assets included in this integration are: 1) an advanced glass pre- form fabrication and draw facility; 2) precision glass machining and laser processing stations; 3) an optical test and metrology laboratory; and 4) extensive environmental test cells, all housed in a 25,000 square foot facility. In addition, Weatherford's expertise in opto-mechanical design, photonic sensor development and the manufacture of glass micro structures -- a core sensing technology applied in Weatherford's optical sensing systems -- is greatly enhanced. This step completes the final phase of Weatherford's integration of its CiDRA Optical Sensing System acquisition announced late last year.
"This move strongly compliments our existing R&D, manufacturing, sales and operations infrastructure for optical sensing systems, which already are experiencing success and market adoption," says Stuart Ferguson, Vice President Intelligent Systems. "It gives us cradle-to-grave control of the product development process and critical supply chains. For our clients, this means we will be better able to meet their demands of increased reliability, cost-effectiveness and ease of use when compared to alternative technologies. We also have significantly strengthened our intellectual property base for applications in the oil and gas industry."
Mr. Ferguson continued, "Finally, Weatherford and CiDRA will continue their strong technology collaboration relationship."
Weatherford is a recognized leader in intelligent completion technology. Weatherford's fiber optic sensing technology, coupled with hydraulic surface operated flow control systems, allows enhanced production management and life of field reservoir management in real-time. Optical permanent monitoring systems are recognized for simplicity, reliability, longevity and the ability to upgrade easily as technology advances.
Weatherford 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 100 countries and employs approximately 15,000 people worldwide.
For further information please contact:
Don Galletly
713-693-4148
This press release contains 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 successful completion of the
plan of restructuring and business integration plans, all of which are subject
to certain risks, uncertainties and assumptions. These risks and uncertainties,
which are more fully described in Weatherford International Ltd.'s and
Weatherford International, Inc.'s reports and registration statements filed with
the SEC, include the impact of oil and natural gas prices and worldwide economic
conditions on drilling activity, the demand for and pricing of Weatherford's
products and services, domestic and international economic and regulatory
conditions and changes in tax and other laws affecting the proposed
restructuring and our business. 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.
SOURCE Weatherford International Ltd. CONTACT: Don Galletly of Weatherford International Ltd., +1-713-693-4148