Weatherford Signs $220MM ADNOC Contract

Weatherford Signs $220MM ADNOC Contract
Weatherford International plc signs a $220 million, 3-year contract with ADNOC Offshore.

Weatherford International plc revealed Tuesday that it has signed a $220 million, three-year contract with ADNOC Offshore.

Under the contract, Weatherford will provide directional drilling services to increase offshore production for ADNOC Offshore in the United Arab Emirates, according to Weatherford. The agreement involves using the Weatherford Magnus rotary steerable system in both re-entry wells and new wells.

"Magnus is demonstrating consistent reliability, a critical element of this contract award," Tony Azizi, vice president of the Arabian sea geo-zone for Weatherford, said in a company statement.

"Operations in some of the world's most challenging geophysical environments are proving Magnus' ability to deliver very accurate wellbore placement and wellbore quality, in conditions requiring vertical, lateral or curved directional drilling,” he added.  

“Magnus' independently controllable and addressable steering pads, in tandem with its unique modular design, allow for increased reliability, improved utilization, efficient turn-around time of idle assets and local repair, all of which will drive greater benefits for ADNOC Offshore,” Azizi continued.

The Weatherford representative went on to say that the contract aligns with the ADNOC In-Country Value strategy and its commitment to engaging with, and supporting, the local private sector.

Last week, Weatherford revealed that it had signed a five-year corporate procurement agreement with Saudi Aramco to deliver cementation, completions, liners, solid expandables and casing exit technologies.

Earlier this month, Weatherford announced the signing of an $87 million contract for fishing and intervention services with Petroleo Brasileiro S.A. The four-year agreement represents the largest fishing contract ever signed by Weatherford.

Weatherford describes itself as one of the largest multinational oilfield service companies. The company operates in more than 80 countries and has a network of 620 locations, including manufacturing, service, research and development and training facilities, according to its website.

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Duane Graham  |  September 25, 2019
What does this do for the declaration of bankruptcy that Weatherford did?