HOUSTON, February 27, 2003 - - Weatherford International Ltd. (NYSE: WFT) today announced that its Drilling & Intervention Services division has successfully completed the first installation and field study on it's TorkHead System for Murphy Oil in the West Patricia wells of Malaysia.
The study proved that the system is a value-added tool during casing running operations by comparing the running of casing on six wells, three of which were run conventionally and three that were run using Weatherford's TorkHead system. Wells using the TorkHead system yielded rig timesavings of approximately 10 percent over conventional casing running.
" We are very pleased with the operational success of the TorkHead System," said Doyle Boutwell, Global Product Line Manager for Well Installation Services. " When combined with our Stabberless (R) System (which includes a Stabberless Single Joint Elevator, StabMaster (TM), and Flush Mounted Spider), operators potentially could realize a 35% reduction in casing running time." Weatherford's Stabberless System also promotes a safer working environment.
Greg Galloway, Drilling with Casing Product Line Manager noted, " The TorkHead system is a vital addition to our Drilling with Casing technology, allowing faster connections and a more efficient system to drive the casing string."
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