Weatherford International plc (OTC-PINK:WFTIQ) has signed two drilling services contracts totaling $67.4 million with two Russian majors.
The first contract spans two-and-a-half years. Operations began in July 2019 and will last through the end of 2022. Weatherford will provide logging-while-drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drilling, and geo-data interpretation services at several oilfields in Western Siberia.
The second contract is a three-year drilling services contract. Operations will begin in early 2020 with Weatherford providing LWD, MWD, RSS, geosteering, and geo-data interpretation services at the Novyi Port oilfield on the Yamal Peninsula.
“These long-term contracts with major operators in Russia are a testament to Weatherford’s record of advancing drilling technology and delivering excellent service in that region,” said Fayaz Kamalov, Weatherford Vice President of Russia. “Major Russian operators are investing in Weatherford drilling services because of our best-in-market technology, unceasing dedication to growing our capabilities, and the professional knowledge of our team.”
At present, Weatherford is running multiple local facilities to support its customers and operations in Russia. Three full-time drilling service centers in key production areas across Russia maintain field equipment, and one Real-Time Operations Center provides around-the-clock remote support for all ongoing projects. Weatherford is also mobilizing the Magnus® RSS to Russia to assist with increased activity and challenging customer requirements which the system is uniquely suited to address.
Weatherford drilling contracts Russian majors
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 more than 80 countries and has a network of 620 locations, including manufacturing, service, research and development, and training facilities and employs more than 24,000 people.