Weatherford completes novel cased-hole sidetrack in ultra-deep Gulf of Mexico waters

Weatherford announced a success in an ultra-deepwater Gulf of Mexico operation that saved a major international oil company 14 rig days valued at approximately $14 million. Company announced that it has completed its financial restructuring and emerged from chapter 11 protection. The Company extends its sincerest condolences to his family during this difficult time.

Company hosted by the Association of National Advertisers Business Marketing Association. By sidetracking from a collapsed expandable liner, the re-entry operation eliminated the time and cost associated with re-drilling. Christian has more than 30 years of financial experience and has held leadership roles in the oilfield services.

Company remain with the Company through November 30, 2019 to transition his responsibilities. The proceeds will be shared equally between the Houston Area Women’s Center, Camp Hope. The resulting in the industry’s first-ever cased-hole sidetrack completed using a whipstock system in a 13 3/8-inch expandable liner.

The Company expects that the effective date of the Plan (the “Effective Date”) will occur before year-end. Company announced it will showcase its life-of-well innovations at Offshore Europe 2019, Booth 3E 30, Aberdeen, Scotland from September 3-6. The IOC requested off-the-shelf options that would enable sidetracking from the collapsed liner while limiting flow rates.

The Company emerges with a stronger financial foundation having reduced approximately $6.2 billion of outstanding funded debt. Company expresses its gratitude for his decades of commitment and leadership. It recognized as the premier business-to-business marketing success awards in Texas. Christian recently served as Executive Vice President and Chief Financial Officer at Visteon Corporation.

Weatherford quickly responded and was selected to deploy its Shallow-Angle QuickCut casing-exit system with MultiCatchanchor as an available solution. The tireless efforts in these areas as well as many others served employees and stakeholders well. The following is a summary of the material terms of the Plan. Offshore Europe 2019 will serve as a platform to demonstrate each of the Company’s core business segments.

Mark A. McCollum, President and Chief Executive Officer says “Behalf of the Board of Directors and the management team, we are grateful to Christoph for his hard work”.

This is a notable day for Weatherford as we have emerged as a stronger, more focused organization. It had the great privilege of working closely with Bill over the past three years. Christian has been consistently selected to the All-America Executive Team by Institutional Investor magazine. It will continue to build upon these principles.

The system enabled installing a window in the 13 3/8-inch expandable liner and allowing a 13 1/2-inch drilling BHA. Weatherford was also awarded Lantern Awards and Awards of Excellence across three categories. Vice President and Chief Accounting Officer, will serve as the interim Chief Financial Officer from November 14, 2019.

Two additional milling BHAs were used to open the window to the full OD. A total of 16 mills were shipped, nine of which had custom ODs. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan. Christian brings extensive oilfield services experience.

Throughout the operation, the Shallow-Angle QuickCut system maintained a low dogleg and smoothly transitioned from the main bore to the sidetrack. Company grateful to have had the opportunity to work with him so closely. It delighted that he will be part of the executive team that will lead Weatherford into its next chapter.

It minimizing risks associated with thin-wall liners and channeled cement. Mr. Macaulay served as the Executive Chairman of First Reserve, a global private equity and infrastructure investment firm. Weatherford Walks has raised more than $1.9 million for the Houston community. Claims under the Company’s secured term loan facility and 364-day revolving credit facility were paid in full in cash from borrowings.

Christian says “I am very excited to join Weatherford as the potential for value creation is significant”.

TR1P single-trip completion system sets a new precedent in deepwater completions. Claims under the unsecured revolving credit facility shall be paid in full in cash on the Effective Date. Weatherford expects its newly issued ordinary shares will initially resume trading on the OTC Markets. It focused on the energy industry, since 1983. Mr. Macaulay served as a director of Weatherford Enterra.

Holders of the Company’s existing senior unsecured notes (the “Senior Notes”) shall receive their pro rata share. Magnus rotary steerable system delivers high-performance, precise directional control. Holders of Senior Notes will receive subscription rights to purchase their pro rata share. In addition, Mr. Macaulay served as Director of Corporate Finance for Oppenheimer & Co.

Mark Swift, President says “When other oilfield service companies failed to provide a timely solution, saving this operator two weeks of rig time and millions of dollars in operating expense”.

The transition to the New York Stock Exchange is expected to occur after the Company reports results. Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology. Weatherford in 2015 and has served in various senior financial roles including Vice President.

DIP Facility shall be paid in full in cash on the Effective Date through the Company’s entry. Victus intelligent MPD achieves unmatched safety and cost savings through an end-to-end MPD solution. Holders of general unsecured claims shall be paid in the ordinary course of business.

Prior to joining Weatherford, served a 19-year career with Schlumberger Ltd. More than 900 participants registered to walk the mile-long Sam Houston race track to support the four Houston charities. Holders of the Company’s existing ordinary shares will receive their pro rata share. Mr. Macaulay served as Chairman of CHC Group Ltd., Dresser-Rand Group, Inc.

The Company operates in more than 80 countries and has a network of 620 locations. Weatherford employees and trusted business partners made generous monetary donations in support of the recipient organizations. Installing casing exits in unique applications, such as deep expandable liners, limits the amount of nonproductive time in contingency scenarios.

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