WFTIQ - ADNOC Offshore Selects Weatherford For Directional Drilling Awards Three-Year Contract Worth $220 Million

BAAR, Switzerland, Sept. 24, 2019 /PRNewswire/ -- Weatherford International plc (OTC-PINK: WFTIQ) announced it has signed a $220 million, three-year contract with the Abu Dhabi Company for Offshore Petroleum Operations Limited ("ADNOC Offshore") to provide directional drilling services for the stated goal of increasing offshore production for ADNOC Offshore in the UAE. The agreement entails using the Weatherford Magnus^® rotary steerable system in both re-entry wells and new wells.

"Magnus is demonstrating consistent reliability, a critical element of this contract award," said Tony Azizi, Vice President of the Arabian Sea Geozone for Weatherford. "Operations in some of the world's most challenging geophysical environments are proving Magnus' ability to deliver very accurate wellbore placement and wellbore quality, in conditions requiring vertical, lateral or curved directional drilling.  Magnus' independently controllable and addressable steering pads, in tandem with its unique modular design, allow for increased reliability, improved utilization, efficient turn-around time of idle assets and local repair, all of which will drive greater benefits for ADNOC Offshore."  

Using a push-the-bit design, Magnus addresses operators' need for speed without sacrificing directional control. Unique design elements, including a true inclination hold, make Magnus the best-in-market rotary steerable system for maximizing reservoir exposure and monetizing the value of the well.  

Azizi added, "This contract aligns with the ADNOC In-Country Value strategy and its commitment to engaging with, and supporting, the local private sector."

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

SOURCE Weatherford International plc