HOUSTON, February 26, 2003 - - Weatherford International Ltd. (NYSE: WFT) today announced that its Drilling & Intervention Services division has completed the formation of a full services well interventions group. The move brings all of Weatherford's intervention offerings under one product line, which will operate within the Weatherford organization as WellServ (TM) Intervention Services.
" Weatherford is organizing its numerous worldwide intervention services businesses into one global service organization. Our goals are to establish the highest possible standard of service for our customers and improve our operational efficiency, " said Gary Warren, President of Weatherford Drilling & Intervention Services. " The move brings all of Weatherford's intervention offerings under the WellServ brand which has had a long history of success and service in international markets. "
John Roberts, Vice President and product line champion for WellServ noted, " The WellServ group already operates in Europe and the Middle East where it has a strong industry profile. Its reputation, quality recognition, and strong business model were key drivers to brand the interventions group as WellServ Intervention Services. "
As WellServ, Weatherford will begin growing its offerings in regions around the world as determined by customer needs. WellServ's goal is to become recognized as the market leader in providing safe, efficient, and cost-effective engineered well intervention using technologically, advanced services and products.
WellServ's offerings will include: wireline completion services, logging services, coiled tubing services, through tubing services, casing & tubing evaluation, production logging, perforating, pipe recovery, nitrogen services, slick line services, intelligent slick line, heavy duty fishing and rig assist snubbing.
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:
Christine McGee (713) 693-4362 christine.mcgee@weatherford.com
Don Galletly (713) 693-4148 don.galletly@weatherford.com