Source: Houston Chronicle
Struggling oilfield service company Weatherford International has landed three contracts in the oil fields of Iraq.
In a statement released Tuesday afternoon, Weartherford reported that the company has been awarded a pair of two-year drilling rig contracts and a five-year oil well service contract in the Middle Eastern nation.
Financial terms were not disclosed and the customer’s name was not disclosed but Weatherford described the client as a “multinational operator in one of the world’s largest proven oil fields located in Iraq.”
Photo: Eddie Seal
In a statement, Weatherford President of the Eastern Hemisphere Frederico Justus said the company has been in Iraq since 2006 — longer than any other multinational oilfield services provider.
“During that time, Weatherford proved to operators in Iraq that its capabilities across the life of the well reduce costs, enhance safety and maximize production efficiency,” Justus said. “This experience gave the operator confidence in our ability to execute these turnkey drilling projects in one of their most strategic global locations.”
The Iraq deal comes less than a month after Weatherford landed a five-year deal to provide cementation, completions, liners, solid expandables and casing exit services to Saudi Aramco.
With roots going back to 1941, Weatherford grew to become the nation’s fourth-largest oil field services company but racked up $10 billion in debt along the way.
Headquartered in Switzerland but incorporated in Ireland and its principal offices in Houston, Weatherford has not made a profit since the third quarter of 2014.
The struggling oilfield service company filed for Chapter 11 bankruptcy in Houston in July and has filed for similar protections in Ireland.
