BAAR, Switzerland, May 7, 2018 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) announced a Memorandum of
Understanding (MOU) with Valiant Artificial Lift Solutions to
jointly commercialize, market and service electrical submersible
pumps (ESPs).
The MOU will accelerate commercialization of the Weatherford
ESP, powered by Valiant. Optimized for a wide range of flow
applications, the pumps are designed for durable, reliable and
efficient productivity in harsh, abrasive, corrosive and otherwise
challenging downhole environments.
The MOU creates market-expansion opportunities for both
companies. For Weatherford, the addition of the ESP enhances the
Company's portfolio of products and services for all forms of
artificial lift, and will further bolster its global leadership in
production systems. For Valiant Artificial Lift Solutions, the
alliance will significantly accelerate its global reach.
Both companies will retain their respective current markets. The
MOU details target markets for Weatherford as well as joint markets
in which both companies will pursue business opportunities
together.
"Valiant offers an impressive combination of technical expertise
and service excellence," said Kyle
Chapman, President of Production at Weatherford. "This
alliance meshes well with our strategy to capture share in key
markets and strengthens our global leadership for life-of-well
production solutions."
"This project is a great opportunity to expand our services to
the global production community," said Gareth Ford, Founder, CEO and President of
Valiant Artificial Lift Solutions. "We are pleased with the results
of this collaboration and believe it will drive stakeholder value
for Valiant, Weatherford and our collective customers."
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 780 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 28,700 people. For more information,
visit www.weatherford.com and connect with Weatherford
on LinkedIn, Facebook, Twitter and YouTube.
About Valiant
Valiant is a Global Independent provider
of Artificial Lift Solutions. The company offers full life
cycle capabilities to maximize asset recovery. Backed by
industry-leading expertise, the company's portfolio of products
delivers innovative solutions to increase and maintain reliable
production in the most challenging conditions. Valiant's global
headquarters is located in Oklahoma City,
Oklahoma. For additional information, visit
www.valiant-als.com and connect with our team on LinkedIn and
Facebook.
Contacts:
|
|
|
|
Christoph
Bausch
|
+1.713.836.4615
|
|
Executive Vice
President and Chief Financial Officer, Weatherford
|
|
|
|
|
Karen
David-Green
|
+1.713.836.7430
|
|
Vice President -
Investor Relations, Marketing and Communications,
Weatherford
|
|
|
|
|
Mike
Findley
|
+1.405.606.7062
|
|
Vice President of
Marketing, Valiant Artificial Lift Solutions
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/weatherford-and-valiant-form-alliance-to-jointly-commercialize-esps-300643616.html
SOURCE Weatherford International plc