Weatherford Secures Three-Year Contract with ADNOC

Rhea-AI Summary

Weatherford International (NASDAQ: WFRD) has secured a three-year contract from ADNOC for rigless services to reactivate onshore strings. The project, starting in Q4 2024, will involve deploying multiple intervention solutions to enhance operational efficiency of ADNOC's onshore assets. Weatherford will implement technologies focused on wellbore integrity, reactivation processes, and reservoir performance optimization. The company's rigless services are designed to revitalize inactive wells while minimizing environmental impact through efficient and cost-effective solutions.

Positive

• Secured new three-year contract with major oil company ADNOC
• Project implementation begins Q4 2024, providing near-term revenue visibility
• Contract strengthens market position in Middle East region

Negative

• None.

Insights

Energy Industry Analyst

This major contract win with ADNOC represents a significant strategic advancement for Weatherford in the Middle East market. The three-year rigless services agreement will contribute meaningfully to the company's revenue stream and backlog starting Q4 2024. ADNOC's onshore assets represent one of the largest operational portfolios in the region, making this a prestigious and valuable contract.

The scope encompasses critical well intervention and reactivation services that typically command higher margins compared to basic oilfield services. Weatherford's advanced technological capabilities in rigless operations position them to potentially secure additional work as ADNOC continues its expansion plans. The focus on operational efficiency and sustainability aligns with industry trends toward optimized production and reduced environmental impact.

HOUSTON, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced that it has been awarded a three-year contract for the provision of rigless services as part of the reactivation of ADNOC onshore strings. The project is slated to begin in the fourth quarter of 2024, where Weatherford is expected to deploy multiple intervention solutions, advancing the operational efficiency and reliability of ADNOC’s onshore assets.

The contract leverages Weatherford’s expertise in providing comprehensive rigless services, enabling ADNOC to maximize well productivity while minimizing downtime and operational risks. Weatherford will deploy a suite of technologies designed to enhance wellbore integrity, streamline reactivation processes, and optimize reservoir performance, reinforcing the Company’s commitment to delivering advanced, sustainable solutions in the energy sector. Weatherford’s rigless services are recognized for their efficiency, safety, and cost-effectiveness, making them ideal for revitalizing inactive wells while reducing environmental impact.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “We are honored to partner with ADNOC on this significant project, which marks another milestone in our shared commitment to driving value and operational excellence through innovation. With our suite of cutting-edge technologies and expert teams, we look forward to supporting ADNOC’s reactivation goals and furthering our mission to provide agile, reliable solutions to our customers globally.”

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 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

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

FAQ

What is the duration of Weatherford's (WFRD) new contract with ADNOC?

Weatherford (WFRD) has secured a three-year contract with ADNOC for rigless services.

When will Weatherford (WFRD) begin the ADNOC project?

The project is scheduled to begin in the fourth quarter of 2024.

What services will Weatherford (WFRD) provide to ADNOC under the new contract?

Weatherford will provide rigless services and multiple intervention solutions for the reactivation of ADNOC onshore strings, focusing on wellbore integrity, reactivation processes, and reservoir performance optimization.