ADNOC Awards Weatherford Over $400M to Provide Drilling Services

Source: 9/12/2022, Location: Middle East

Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") received a five-year framework agreement from Abu Dhabi National Oil Company ("ADNOC") to provide directional drilling and logging-while-drilling services. The contract is currently valued at over $400 million and ADNOC has an option to extend the contract for an additional two years.

The Weatherford Drilling Services portfolio includes a suite of technology that combines world-class services, real-time information analysis, and innovative drilling tools to maximize efficiency in any environment. Deploying these service and technology offerings will add value to ADNOC's drilling operations by minimizing OPEX, reducing risks, and optimizing production. These benefits are mission-critical to ADNOC's near- and long-term goals.

Girish Saligram, Weatherford President and Chief Executive Officer, commented, "We are thrilled about this award as it showcases our commitment to creating value for every customer through our differentiated technology and services. Our field-proven directional and logging-while-drilling services and technology will support ADNOC in expanding its operations and achieving its production goals. Our manufacturing facility in Abu Dhabi will further bolster its In-Country Value Program—an initiative Weatherford has supported since the beginning. We look forward to delivering successful outcomes to one of our long-time energy partners."

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