ADNOC Awards Weatherford Over $400 Million to Provide Drilling Services

(Neutral)

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Rhea-AI Summary

Weatherford International plc (NASDAQ: WFRD) announced a five-year framework agreement with Abu Dhabi National Oil Company (ADNOC) for directional drilling and logging-while-drilling services valued at over $400 million. The contract includes an option for a two-year extension. This collaboration aims to enhance ADNOC's drilling operations by minimizing OPEX and optimizing production. Weatherford's advanced technology and services will support ADNOC's production goals, reinforcing its commitment to local value generation through a manufacturing facility in Abu Dhabi.

Positive

Secured a five-year contract valued at over $400 million with ADNOC.
Option to extend the contract for an additional two years.
Deployment of advanced technology expected to minimize OPEX and optimize production.

Negative

None.

Argus Session date unavailable

+1.94% session move Open Argus

Details

News Market Reaction – WFRD

The recorded move for WFRD in the trading session of this news was +1.94%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

09/12/2022 - 04:30 PM

HOUSTON, Sept. 12, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") received a five-year framework agreement from Abu Dhabi National Oil Company ("ADNOC") to provide directional drilling and logging-while-drilling services. The contract is currently valued at over $400 million and ADNOC has an option to extend the contract for an additional two years.

The Weatherford Drilling Services portfolio includes a suite of technology that combines world-class services, real-time information analysis, and innovative drilling tools to maximize efficiency in any environment. Deploying these service and technology offerings will add value to ADNOC's drilling operations by minimizing OPEX, reducing risks, and optimizing production. These benefits are mission-critical to ADNOC's near- and long-term goals.

Girish Saligram, Weatherford President and Chief Executive Officer, commented, "We are thrilled about this award as it showcases our commitment to creating value for every customer through our differentiated technology and services. Our field-proven directional and logging-while-drilling services and technology will support ADNOC in expanding its operations and achieving its production goals. Our manufacturing facility in Abu Dhabi will further bolster its In-Country Value Program—an initiative Weatherford has supported since the beginning. We look forward to delivering successful outcomes to one of our long-time energy partners."

About Weatherford

Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company operates in approximately 75 countries with a global talent network of approximately 17,500 team members representing more than 110 nationalities and 350 operating locations.

Contacts

For Media:
Kelley Hughes
Weatherford International plc
Director Global Communications
kelley.hughes@weatherford.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/adnoc-awards-weatherford-over-400-million-to-provide-drilling-services-301622355.html

SOURCE Weatherford International plc

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the value of the contract awarded to Weatherford by ADNOC?

The contract is valued at over $400 million.

How long is the agreement between Weatherford and ADNOC?

The agreement is for five years, with an option to extend for two additional years.

What services will Weatherford provide to ADNOC?

Weatherford will provide directional drilling and logging-while-drilling services.

How does Weatherford's technology benefit ADNOC?

It helps minimize operational expenses and optimize production efficiency.

Where is Weatherford's manufacturing facility located?

The manufacturing facility is located in Abu Dhabi.

Keep reading

ADNOC Awards Weatherford Over $400 Million to Provide Drilling Services