HOUSTON, March 21 /PRNewswire-FirstCall/ -- Weatherford International Ltd. (NYSE: WFT) announced today that it has exercised its option to assume control of e2Tech Limited from Shell Technology Ventures Limited. The option had been granted under the terms of an earlier transaction between Weatherford and Shell pursuant to which Weatherford had been granted a global license for certain expandable tubular technology developed by Shell. By exercising the option, Weatherford now has access to a new range of expandable tubular technology for well completion and well construction and related intellectual property rights acquired by e2Tech.
Weatherford is one of the largest worldwide providers of innovative mechanical solutions, technology and services for the drilling, intervention, completion and production sectors of the oil and gas industry. The Company operates in more than 100 countries and employs more than 15,000 people. The company is also a leader in the development and commercialization of revolutionary expandable tubular technologies that offer step change improvements in the way wells are constructed and completed.
| Contact: | Don Galletly (713) 693-4148 |
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SOURCE Weatherford International Ltd.
-0- 03/21/2003
/CONTACT: Don Galletly of Weatherford International Ltd., +1-713-693-4148/
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