Weatherford Awarded Drilling Services Contract from Bapco Energies
Rhea-AI Summary
Weatherford International (NASDAQ: WFRD) has secured a five-year contract with Bapco Upstream, a subsidiary of Bapco Energies in Bahrain. This agreement involves providing Directional Drilling and Logging While Drilling Services, replacing their previous contract from 2015. Weatherford will employ its comprehensive suite of drilling technologies and the Centro™ optimization platform to enhance reservoir-characterization data, aiming for improved collaboration, transparency, and operational efficiency. CEO Girish Saligram highlights this contract as a testament to Weatherford's longstanding performance and advanced digital capabilities in Bahrain.
Positive
- Award of a new five-year contract with Bapco Upstream, indicating strong business continuity.
- Utilization of Weatherford's full suite of drilling technologies, showcasing advanced capabilities.
- Inclusion of the Centro™ well construction optimization platform for high-quality data.
- Enhanced collaboration, transparency, and agility in operations aimed at maximizing efficiencies.
Negative
- Potential risk associated with the transition from the previous 2015 contract to the new agreement.
- Dependence on the successful application of advanced technologies to meet performance expectations.
News Market Reaction
On the day this news was published, WFRD declined 0.56%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOUSTON, June 06, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced it has been awarded a new five-year contract with Bapco Upstream, a subsidiary of Bapco Energies, in Bahrain to deliver Directional Drilling and Logging While Drilling Services, replacing the current Drilling Services contract that Weatherford was awarded in 2015.
The contract includes Weatherford’s full suite of Drilling technologies alongside its Centro™ well construction optimization platform for high-quality reservoir-characterization data, providing exceptional collaboration, enhanced transparency, and advanced agility to maximize efficiencies for Bapco Energies while maintaining a cost-effective operation.
Girish Saligram, Weatherford President and CEO, commented, “I am pleased Bapco Energies selected Weatherford as it continues to advance its drilling program. Weatherford has performed Drilling Services in Bahrain since 2016, and this award reaffirms our partnership and further showcases the value of our comprehensive drilling portfolio and cutting-edge digital capabilities.”
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 and has approximately 18,800 team members representing more than 110 nationalities and 340 operating locations. Visit weatherford.com for more information and connect with us on social media.
For Media:
Kelley Hughes
Weatherford International plc
Global Communications
media@weatherford.com
FAQ
What new contract has Weatherford (WFRD) secured?
What technologies will Weatherford (WFRD) use under the new contract?
When was the previous Drilling Services contract awarded to Weatherford (WFRD)?
What benefits does the Centro™ platform provide in Weatherford's (WFRD) new contract?
Who is Weatherford (WFRD) partnering with under the new contract?
