Weatherford Announces Tubular Running Services Contract Award with Petrobras

Rhea-AI Summary

Weatherford (NASDAQ: WFRD) has secured a significant $147 million, three-year contract from Petrobras to provide Tubular Running Services (TRS) in Brazil. The contract was awarded through an open tender process.

The company will deploy several advanced technologies including Vero™ for connection integrity, Multi Slip System for mixed casing strings, Flush Joint Elevator for enhanced safety, and StringGuard™ for dropped string prevention. This award builds upon Weatherford's decade-long partnership with Petrobras and reinforces its position as a leader in tubular running solutions.

Positive

• Secured substantial $147 million contract with major oil company Petrobras
• Three-year contract duration provides steady revenue stream
• Deployment of multiple proprietary technologies demonstrates technological leadership
• Strengthens existing decade-long relationship with Petrobras

Negative

• None.

Insights

Oil & Gas Operations Specialist

Weatherford secures $147M Petrobras contract, strengthening revenue visibility and showcasing technological leadership in tubular running services.

Weatherford's $147 million contract win with Petrobras represents a significant revenue opportunity that enhances the company's medium-term financial outlook. This three-year agreement provides substantial revenue visibility in Brazil, an important market for offshore services. The contract's competitive nature – awarded through open tender – validates Weatherford's technological edge in Tubular Running Services (TRS).

The deployment of Vero™, Multi Slip System, Flush Joint Elevator, and StringGuard™ technologies showcases Weatherford's innovative capabilities that address critical operational challenges. These technologies deliver measurable operational benefits: enhanced connection integrity, improved efficiency with mixed casing strings, elimination of lift plugs for safer handling, and prevention of dropped strings – all translating to reduced non-productive time for Petrobras.

This award reinforces Weatherford's decade-long relationship with Petrobras, suggesting strong client satisfaction and reliable service delivery. For context, securing contracts with national oil companies like Petrobras is particularly valuable as they typically operate long-term development projects with stable cash flows. The contract solidifies Weatherford's position in Brazil's offshore sector at a time when Latin American offshore drilling activity remains resilient despite global market fluctuations.

HOUSTON, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced it has been awarded a three-year, $147 million contract by Petróleo Brasileiro S.A. (“Petrobras”) to deliver Tubular Running Services (TRS) in Brazil. The award, which followed an open tender, underscores Weatherford’s leadership in TRS technologies to advance safe, efficient, and reliable drilling operations.

Under the scope of contract, Weatherford will deploy several of its industry-leading technologies, including Vero™, an Auto Make-up and Auto Evaluation system, delivering unmatched connection integrity and data-driven assurance; the Multi Slip System, which enables running of mixed casing strings without the need to change slips along with the ability to pass-through large diameter assemblies into the well without removing spider slip system; the Flush Joint Elevator, which eliminates the need for lift plugs, enhancing both safety and efficiency in tubular handling; and StringGuard™, an autonomous dropped string prevention delivering improved operational safety.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “This award shows the strength of our Tubular Running Services portfolio. We are proud to continue supporting Petrobras with innovative technologies and highly skilled teams that deliver safer, more efficient, and more reliable operations.”

Weatherford has supported Petrobras operations for more than a decade bringing innovative technologies, local expertise, and a strong commitment to safety and performance. This new award further strengthens the collaboration between the two companies and reinforces Weatherford’s role as a technology leader in tubular running solutions.

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 conducts business in approximately 75 countries and has approximately 17,300 team members representing more than 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.

For Investors:
Luke Lemoine
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Weatherford Corporate Communications
media@weatherford.com

FAQ

What is the value and duration of Weatherford's new contract with Petrobras?

Weatherford secured a three-year contract worth $147 million to provide Tubular Running Services to Petrobras in Brazil.

What technologies will WFRD deploy under the Petrobras contract?

Weatherford will deploy Vero™ for connection integrity, Multi Slip System for mixed casing strings, Flush Joint Elevator for tubular handling, and StringGuard™ for dropped string prevention.

How long has Weatherford been working with Petrobras?

Weatherford has been supporting Petrobras operations for more than a decade, providing innovative technologies and local expertise.

What is the significance of this contract for WFRD?

This contract reinforces Weatherford's position as a technology leader in tubular running solutions and strengthens its long-term collaboration with Petrobras.

How did Weatherford secure this Petrobras contract?

Weatherford was awarded the contract following an open tender process, demonstrating its competitive advantage in Tubular Running Services technologies.