ABERDEEN, January 9, 2003 - Weatherford International Ltd. (NYSE:WFT) today announced that its Completion Systems Division has been awarded an initial $8.5 million contract by Gazprom to supply completion equipment for gas wells in the Caspian and Southern Ural regions of Russia.
The contract includes Weatherford's new Tubing Retrievable Sub Surface Safety Valves, Flow Control Velocity Valves, Packers, and Artificial Lift side pocket mandrel valves.
Nicholas Gee, Vice-President Weatherford Completion Systems for Europe, Africa and CIS said, “Russia and the Caspian Region are expanding markets for Weatherford Completion Systems, and this contract represents a significant development in our relationship with Gazprom. These projects represent challenging environments requiring products with high levels of corrosion resistance, which we have been developing for these types of conditions.”
First shipments are due early in 2003, with the first completions commissioning planned for the end of Quarter 1 2003.
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. (www.weatherford.com)
For further information contact:
Aberdeen, Liz Paddon (44-1224) 225-269
Houston, Christine McGee (713) 693-4362