ABERDEEN, Scotland, Jan. 16 /PRNewswire-FirstCall/ -- Weatherford International Ltd. (NYSE: WFT) today announced that its Completion Systems Division (WCS) has been awarded a five year contract by Norsk Hydro to supply single wirewrap screens and liner hangers for the Grane field, in the North Sea.
The work is valued at $20 million and has been awarded on behalf of the Grane partners as part of a larger contract that also includes Halliburton and Baker Oil Tools, and will be delivered by WCS's Norwegian operation, based in Stavanger.
Jan Drechsler, WCS Sand Control Manager, Scandinavia, said, "Norsk Hydro used e-based auctioning to determine the outcome of the tendering process, and we are delighted to have secured the supply of completion equipment, including sand screens, screen hangers, and liner hangers through this innovative procedure. Norsk Hydro's e-auction was possibly the largest and most complex electronic purchasing process in the oil industry to date, and points the way to future bids. WCS is certainly well-placed to make the most of these new opportunities."
There are 35 wells planned for Grane, with 27 producing oil, and up to 16 of these are being considered for multi-lateral technology. First delivery is anticipated in Q4 2003, depending on the drilling programme. Currently there are 12 pre-drilled wells on Grane, which is located in the Norwegian sector of the North Sea, West of Stavanger. The field will be completed from a platform with a jacket substructure at 127.5m water depth.
"We have options for annual extensions over an additional five-year period," commented Drechsler, "and the potential for supplying a wider range of innovative equipment, depending on how the operations develop."
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.
Contacts: Aberdeen, Liz Paddon (44-1224) 225-269
Houston, Christine McGee (713) 693-4362 SOURCE Weatherford International Ltd.
-0- 01/16/2003
/CONTACT: in Aberdeen, Liz Paddon, +44-1224-225-269, or in Houston, Christine McGee, +1-713-693-4362, both of Weatherford International Ltd./
/Photo: http://www.newscom.com/cgi-bin/prnh/19990308/WEATHERFORDLOGO
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840/
/Company News On-Call: http://www.prnewswire.com/comp/130999.html /