In the newly created post, Colley will be responsible for the company's operations on a global basis. He has been with Weatherford for more than 10 years. He has served as a division president and company officer for eight years. Most recently, Colley served as President of the Completion & Production Systems division.
In conjunction with Colley's appointment, the company will merge its two existing divisions, Evaluation, Drilling & Intervention and Completion & Production Systems, into a single operating group. This move is designed to facilitate the company's growth plans over the next several years. The resulting operating structure will produce a streamlined delivery architecture capable of meeting clients' objectives with improved flexibility and efficiency. The move is also tailored to improve the organization's transparency with clients in geographic markets.
John King, who has served as President of the Evaluation, Drilling & Intervention Division since September 2005, will step down. During his tenure, King oversaw the integration of the company's acquisition of Precision Drilling Corporation's Energy Services Division and its International Contract Drilling Division. The company is very grateful for King's exemplary service to Weatherford and its shareholders.
As previously announced, the company will hold a conference call on January 30, 2007 to discuss its results of operations for the three months ended December 31, 2006. Operating results will be reported according to the same segments reported throughout the first nine months of 2006.
Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs more than 33,000 people worldwide.
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