BAAR, Switzerland, Nov. 7, 2018 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or
"Weatherford") today announced it has been awarded a four-year
contract with a one-year optional extension to provide drillpipe
riser (DPR) intervention systems and services for Petróleo
Brasileiro S.A. ("Petrobras") in Brazil. This contract is
expected to yield approximately $80
million in revenue during the initial four-year period. It
will replace a current five-system contract that began in
May 2009.
Weatherford commenced its DPR operations in Brazil in 2003 by closely cooperating with
Petrobras to develop a system that runs completions and land trees
in deep water. As a prominent provider of subsea intervention and
commissioning services with significant operational infrastructure
and execution capability today, Weatherford has secured premium
market share in the country with 16 working DPR systems operating
under three separate contracts exclusively with Petrobras in
the Santos and Campos Basins.
"We are very pleased that Petrobras has once again selected
Weatherford for our expertise in subsea intervention services to
extend the productive life of their assets. Winning this contract
is a testament to the operational and safety performance of our
Brazilian operations," said Mark A.
McCollum, President and Chief Executive Officer of
Weatherford. "We are encouraged by the improving outlook in the
deepwater market, particularly in Brazil, and look forward to continuing our
longstanding partnership with Petrobras."
The Company's industry-leading DPR subsea services and
intervention services offer comprehensive solutions through
riser-based and open-water modes. The primary applications include
landing subsea completion equipment and performing well
intervention. To position customers for success, the DPR services
leverage an experienced Brazilian workforce of approximately 700
employees and a state-of-the-art tubular inspection and maintenance
center in Macaé.
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 710 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 28,450 people. For more information,
visit www.weatherford.com and connect with Weatherford
on LinkedIn, Facebook, Twitter and YouTube.
Forward-Looking Statements
This press release includes
forward-looking statements as defined under federal law, including
those related to the revenue described in this press release. These
forward-looking statements are generally identified by the words
"believe," "expect," "anticipate," "estimate," "intend," "plan,"
and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are
subject to significant risks, assumptions and uncertainties. Known
material factors that could cause the Company's actual results to
differ materially from the results contemplated by such
forward-looking statements are described in the forward looking
statements and risk factors in the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
2017 and those risk factors set forth from time-to-time in
other filings with the Securities and Exchange Commission.
Weatherford undertakes no obligation to correct or update any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except to the extent required under
federal securities laws.
Contacts:
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Christoph
Bausch
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+1.713.836.4615
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Executive Vice
President and Chief Financial Officer, Weatherford
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Karen
David-Green
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+1.713.836.7430
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Senior Vice President
– Stakeholder Engagement and Chief Marketing Officer,
Weatherford
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