BAAR, Switzerland, July 26, 2016 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) today announced that it has signed a
Joint Initiative Agreement (JIA) with IBM (NYSE: IBM) to
collaborate on the development of new products and services for oil
and gas producers that leverage IBM advanced analytics and Internet
of Things (IoT) capabilities on the IBM Cloud and further
strengthen Weatherford's industry-leading production optimization
technologies.
Through the joint initiative Weatherford and IBM will develop
new analytics solutions, all available via IBM Cloud, that are
based on Weatherford's extensive production optimization and
engineering software platform, its supervisory control and data
acquisition (SCADA), and its sensors and controllers.
The jointly-developed solutions will be part of the Company's
new Reservoir Solutions global business unit, which was launched in
early 2016 and is dedicated to providing integrated offerings that
help its clients lower their operating costs and increase
production.
"As part of our commitment to helping operators get more out of
their assets, Weatherford is expanding on our existing,
industry-leading offerings with world-class analytics software and
IoT infrastructure," said Oscar
Rivera, Vice President of Reservoir Solutions. "This
unprecedented stack of integrated technologies has the potential to
revolutionize production optimization and places Weatherford in the
best position to address the challenges oil and gas producers
face."
"As oil and gas producers look for more cost-effective
solutions, there is an increasing need for more advanced analytics
that enable better decision making," said John Brantley, Global General Manager for the
Chemicals and Petroleum Industries, IBM. "The combination of
Weatherford's engineering software and IBM's data analytics
software in IBM's cloud will enable the next evolution of
production optimization."
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 over 100 countries and has a network of
approximately 1,000 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 32,000 people. For more information, visit
www.weatherford.com and connect with Weatherford on Facebook,
LinkedIn, Twitter and YouTube.
Weatherford
Contacts
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Krishna
Shivram
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+1.713.836.4610
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Executive Vice
President and Chief Financial Officer
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Karen
David-Green
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+1.713.836.7430
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Vice President –
Investor Relations, Corporate Marketing
and Communications
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IBM
Contact
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Michael
Zimmerman
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+1.914.766.4935
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IBM HQ
Communications
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SOURCE Weatherford International plc