Weatherford Awarded Over $1 Billion in Downhole Completion and Liner Hanger Contracts by Abu Dhabi National Oil Company
Weatherford International plc (NASDAQ: WFRD) announced two five-year contracts with Abu Dhabi National Oil Company (ADNOC), valued at over USD 1 billion, for downhole completions equipment and liner hanger systems.
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Rhea-AI Summary
Weatherford International plc (NASDAQ: WFRD) announced two five-year contracts with Abu Dhabi National Oil Company (ADNOC), valued at over USD 1 billion, for downhole completions equipment and liner hanger systems. CEO Girish Saligram stated these contracts highlight Weatherford's capability in supporting ADNOC’s 2030 production goals of 5 million barrels per day. The majority of the products will be manufactured at Weatherford’s UAE facility, showcasing commitment to local value creation and global competitiveness.
Positive
- Awarded contracts valued at over USD 1 billion with ADNOC.
- Demonstrates commitment to ADNOC’s 2030 production capacity goal.
- Majority of products will be manufactured locally in the UAE.
Negative
- None.
Details
News Market Reaction – WFRD
The recorded move for WFRD in the trading session of this news was +2.85%.
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HOUSTON, Nov. 16, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced that it was awarded two five-year contracts with Abu Dhabi National Oil Company ("ADNOC") with a combined value of more than USD 1 billion for downhole completions equipment and liner hanger systems.
Girish Saligram, President and Chief Executive Officer, commented, "These drilling-related awards demonstrate our differentiated ability and commitment to support ADNOC in achieving its 2030 goal of expanding production capacity to 5mmbpd. Our field-proven portfolio and capabilities in well construction will enable ADNOC to minimize costs, reduce risks, and optimize production. The Downhole Completions contract is amongst the world's largest in this category and we are proud to participate in it. Our UAE manufacturing facility in Abu Dhabi will produce the majority of products delivered in both contracts and further demonstrate our commitment to the UAE In-Country Value (ICV) program while also delivering global competitiveness."
About Weatherford
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.
Contacts
For Media:
Kelley Hughes
Director Global Communications
+1 713-836-4093
kelley.hughes@weatherford.com
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SOURCE Weatherford International plc
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