Weatherford and Saudi Aramco Ink Five-Year Corporate Procurement Agreement
17 Sep, 2019, 21:41 BST
Companies Will Develop Oilfield Technologies To Minimize Costs, Maximize Production
BAAR, Switzerland, Sept. 17, 2019 /PRNewswire/ -- Weatherford International plc (OTC-PINK: WFTIQ), one of the largest multinational oilfield service companies, has announced the signing of a five-year Corporate Procurement Agreement with Saudi Aramco to deliver cementation, completions, liners, solid expandables and casing exit technologies. The agreement establishes a foundation for future collaboration between Weatherford and Saudi Aramco, built on the forefront of oilfield technology and unsurpassed value.
Weatherford Vice President, Saudi Arabia, Jim Hollingsworth said, "Weatherford is energized by the opportunity afforded by Saudi Aramco to deploy our revolutionary technology in the Kingdom, which will save rig time and associated costs, while also maximizing production in one of the world's most challenging environments." Hollingsworth added, "This agreement sets the stage for future collaboration and will unlock both game-changing technology and tremendous value. Weatherford is excited to work with Saudi Aramco now and long into the future to lead in technology innovation and development."
Mohammed Shammary, Vice President, Procurement and Supply Chain Management, Saudi Aramco, said, "We look forward to working with Weatherford to develop breakthrough energy technologies and reinforce our position in oil and gas exploration and production. Their robust product portfolio aligns with our goal to safely achieve production while supporting the sustainable development of the Kingdom."
About Weatherford
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in more than 80 countries and has a network of 620 locations, including manufacturing, service, research and development, and training facilities and employs more than 24,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.
Contact:
Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer
Karen David-Green
+1.713.836.7430
Senior Vice President Stakeholder Engagement and Chief Marketing Officer
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