ABERDEEN, Scotland, Jan. 22 /PRNewswire-FirstCall/ -- Weatherford International Ltd. (NYSE: WFT) today announced that its Completion Systems Division has been awarded a two year contract valued at over $50 million by Sarawak Shell Berhad/Sabah Shell Petroleum Company Ltd. (SSB/SSPC) to supply Expandable Sand Screens (ESS(TM)) for their Malaysian well operations.
Weatherford Completion Systems President Stuart Ferguson said, "Signing this substantial new contract reflects Weatherford's position as the global leader in providing ESS(TM) technology. Shell recognises the significant productivity enhancement that ESS(TM) can offer and we look forward to continuing our strong working relationship with the company. Locally, Weatherford's Asia Pacific Region appreciates the excellent team approach that characterises our relationship with SSB/SSPC."
Hee Len Hi, Chief Technology Officer & General Manager, Technology & Technical Services for SSB/SSPC said, "Awarding this contract to Weatherford Completion Systems reinforces SSB/SSPC's intention to invest in the best available new technologies to increase hydrocarbon recovery from our fields. It is particularly rewarding to be installing expandable sand screens, given Shell's involvement in the global advancement of this technology within the industry."
The Chairman of Weatherford's local company, Weatherford Malaysia Sdn.Bhd, En Abdullah Suhaimi commented, "We are extremely proud that our efforts to date in support of our colleagues in SSB/SSPC to provide the best sand control and completion solutions have been recognised by the award of this important contract."
Operations will start in the very near future, with initial activity planned in the South Furious Field offshore North Sabah.
Weatherford is the market leader in Expandable Sand Screens, with over 20 miles successfully installed to date world wide, including the world's longest run at 7,030 ft.
Expandable technology refers to tools that can be expanded after they have been installed downhole. The range of applications includes sand control, drilling and completion tools, and more efficient wellbore designs. The benefits include major productivity improvements and cost savings.
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- 01/22/2003
CONTACT: in Aberdeen, Liz Paddon, +44-1224-225-269, or in Houston, Christine McGee, +1-713-693-4362, both of Weatherford International Ltd.