Weatherford Awarded $34 Million Expandable Sand Screen Contract By Petrobras

18 Feb 2003
HOUSTON, Feb 18, 2003 /PRNewswire-FirstCall via COMTEX/ -- Weatherford International Ltd. (NYSE: WFT) announced today that its Completion Systems Division (WCS) has signed a two year contract valued at over $34 million with Petrobras for the supply of Expandable Sand Screens (ESS(TM)) in Brazil.

Stuart Ferguson, WCS President said, "Signing this significant new ESS contract with Petrobras reflects the confidence our customers have in Weatherford's expandable sand control system. Petrobras are already running ESS in a production well offshore in the Marlim Field in the Campos Basin, and we look forward to working closely with them to achieve the substantial productivity enhancement and cost savings that ESS can offer."

"Brazil is a natural candidate for expandable applications, as there is a prevalence of clean, unconsolidated, high permeability reservoir sands, where ESS technology has a real advantage over traditional gravel packs when it comes to long-reach horizontal sections. Characteristically ESS can double the inflow area per foot and reduce flow back pressures by over 60%."

The 5-1/2 inch ESS will initially be deployed in an 8-1/2 inch open hole horizontal well, where it will replace the standard gravel pack solution. The Marlim Sul and Roncador fields in the Campos Basin run from semi-submersible rigs in deepwater wells, at over 1000 meters water depth, with 8-1/2" horizontal sections between 500 and 800 meters in length.

Weatherford is the market leader in Expandable Sand Screens, with over 20 miles successfully installed to date worldwide, 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.

     For further information contact:

     Houston, Christine McGee 1 713 693 4362
     Aberdeen, Liz Paddon     44 (0) 1224 225 269
SOURCE Weatherford International Ltd.

CONTACT:          Christine McGee, +1-713-693-4362, or in Aberdeen, Liz Paddon,
                  +44-0-1224-225-269, both of Weatherford International Ltd.
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