HAMILTON, Bermuda and BAAR, Switzerland, Feb. 1,
2017 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR)
and Weatherford International plc (NYSE: WFT) announced today they
have signed a non-binding Memorandum of Understanding (MOU) to form
an alliance focused on delivering enhanced drilling solutions to
the oil and gas land market in the lower 48 states of the United
States.
The MOU states that Weatherford will bring well construction
expertise, managed pressure drilling (MPD) solutions, directional
drilling capabilities and drilling hardware, as well as associated
software applications and engineering personnel. Nabors will bring
its fleet of MPD-ready® SmartRigs™ and land-optimized measurement
while drilling (MWD) systems, together with its performance
drilling software applications, automated rig equipment and
proprietary control systems.
By leveraging the technical expertise and engineering
capabilities of the two companies, the MOU will accelerate
commercialization of a full portfolio of drilling technology tools
and solutions. The integrated technology offering will provide
enhanced value to operators through improved operational
performance, more accurate wellbore placement and lower drilling
costs – all of which are essential to efficient and cost-effective
oil and gas operations.
"We are very excited about the opportunity to strengthen our
capabilities in the largest land market by jointly leading the
creation of innovative integrated drilling solutions with Nabors,"
said Krishna Shivram, chief
executive officer for Weatherford. "The early entry into this
emerging market will create a strong, new sales channel for
our company, while allowing us to secure market participation in a
new service model increasingly demanded by our clients. This
transformative collaboration will enable Weatherford to deliver our
industry-leading managed pressure drilling systems, advanced
logging while drilling (LWD) and rotary steerable system (RSS)
capabilities, as part of an integrated drilling offering that will
leverage onto the most capable land rig fleet in the U.S. market.
We are fully committed to enhancing and integrating the drilling
process to jointly deliver a new drilling concept for the future, a
vision we share with Nabors. The future of automated drilling is
here and we aim to play a significant role in this market
evolution."
"We are pleased to jointly present to the market a broader scope
of activities, while accelerating the introduction of a unique
offering that, we believe, can more efficiently and cost
effectively be delivered to operators through our new SmartRig™
platform," said Anthony Petrello,
chief executive officer for Nabors. "By accessing Weatherford's
proven track record in managed pressure drilling, we can accelerate
to market the capabilities of our new MPD-ready® SmartRigs™.
Weatherford's capability in the LWD and RSS arena will expand our
service offering and complement our new, leading edge MWD suite of
Accusteer™ tools. By integrating these and other automated tools
and services into Nabors' new Rigtelligent™ operating system, we
expect to drive improved, consistent and reliable execution for our
customers. We expect our alliance to result in a powerful value
proposition that will accelerate market penetration, enhance both
of our companies' returns and drive further growth in a key
market."
The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject
to certain risks and uncertainties, as disclosed by Nabors from
time to time in its filings with the Securities and Exchange
Commission. As a result of these factors, Nabors' actual results
may differ materially from those indicated or implied by such
forward-looking statements. Nabors does not undertake to update
these forward-looking statements.
About Nabors
Nabors Industries (NYSE: NBR) owns and operates the world's
largest land-based drilling rig fleet and is a leading provider of
offshore drilling rigs in the United
States and multiple international markets. Nabors also
provides directional drilling services, performance tools and
innovative technologies throughout the world's most significant oil
and gas markets. Leveraging our advanced drilling automation
capabilities, Nabors' highly skilled workforce continues to set new
standards for operational excellence and transform our industry.
For more information, visit www.nabors.com and connect with Nabors
Industries on LinkedIn and Facebook.
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 90
countries and has a network of approximately 900 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 30,000 people. For
more information, visit www.weatherford.com and connect with
Weatherford on LinkedIn, Twitter, YouTube and Facebook.
Weatherford Contact
Karen David-Green, Vice President
– Investor Relations, Marketing & Communications, +1 713 836
7430
Nabors Contacts
Dennis A. Smith, Vice President
of Corporate Development & Investor Relations, +1 281 775
8038
Mark Andrews, Corporate Secretary, +1 441 292 1510
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SOURCE Nabors Industries Ltd.