Weatherford International announced a milestone of 113 consecutive cased hole whipstock jobs completed in a single trip. Company announced that it will showcase its best-in-market oilfield technologies. Weatherford International plc announced it has been awarded two fully integrated rig contracts. Company will present the U.S. oil and gas industry’s only Production 4.0 forum during its Enterprise Software Conference (WESC). The installation success began with the first run in February 2018 and reached number 113 in October 2019.
Company announced its largest-ever contract for deep-set safety valves. Weatherford International plc announced it has signed a $220 million, three-year contract. Weatherford accomplished this notable success exclusively in California, with zero nonproductive time. Company announced today that the United States Bankruptcy Court for the Southern District of Texas issued an order confirming. This is an industry-first achievement. Company announced the signing of an $87 million contract for fishing and intervention services.
President of Well Construction Dean Bell says “Our work in California involved six operators and exits from seven casing sizes”.
Company announced that the Company has filed the Second Amended Joint Prepackaged Plan. Weatherford crews logged a remarkable 3,577.5 working hours with an average mill time of 2.88 hr/run. Single-trip completions, production optimization and automated connection integrity at the 2019 Kuwait Oil & Gas Show. The contract with a multinational operator in one of the world’s largest proven oil fields located in Iraq. There’s no doubt this unprecedented success was made possible by absolute operational adherence to process.
The directional drilling services for the stated goal of increasing offshore production for ADNOC Offshore in the UAE. The Company expects that the effective date of the Plan (the “Effective Date”) will occur before year-end. The four-year agreement represents the largest fishing contract ever signed by Weatherford. A critical component of the whipstock installation success in California was Weatherford’s QuickCut casing-exit system. The agreement entails using the Weatherford Magnus rotary steerable system in both re-entry wells.
It designed specifically to meet a variety of customer requirements. The Amended Plan is accompanied by an amendment to the Restructuring Support Agreement. It also constitutes the largest single global award for this scope in the recent past. The system improves milling performance and penetration rate, as well as maintains gauge retention of the milling assembly. Weatherford is the global leader for fishing and intervention services which facilitated the contract win.
Coupled with the industry’s most competent people, QuickCut reduces rig time, achieves the objective. Weatherford has operated in Iraq since 2006, longer than any other multinational oilfield services provider. Magnus is demonstrating consistent reliability, a critical element of this contract award. The QuickCut system enables operators to design an exit that exactly meets their well-specific conditions. Some Operations in some of the world’s most challenging geophysical environments.
The system gives operators the ability to create a smooth transition from the parent wellbore. The summary highlights only certain substantive provisions of the Plan. The QuickCut casing-exit system can be applied to sidetrack and exiting through multiple casing strings. It can also be used to access bypassed or behind-pipe reserves and in horizontal and multilateral installations. Claims under the Company’s secured term loan facility and 364-day revolving credit facility were paid in full. Mechanical or hydraulic actuation enables complete well control while circulating, logging, or drilling.
This experience gave the operator confidence in ability to execute turnkey drilling projects. Hydraulic actuation removes the need for a false bottom to prevent costly bridge plug installations. Weatherford will deliver 24 Optimax deep-set safety valves in the next four years. The claims under the unsecured revolving credit facility shall be paid in full in cash on the Effective Date. One size anchor catches multiple sizes and facilitates passage through restrictions. The best-in-class crews and unequaled global support have experience.
Lead-mill technology provides full-gauge windows and ratholes with single-trip efficiency to reduce rig time and costs. Energy visionaries from Amazon and Microsoft will join Production 4.0-driven oilfield operators, including Apache Corporation. Weatherford, an industry leader in traditional safety valve technology, is now extending its legacy reliability. Lug technology protects the whipstock during cutout and accurately directs the lead mill into the casing wall. It has been signed by holders of approximately 82% of the Company’s outstanding senior unsecured notes.
Casing exits can be created independently of the hole inclination. Weatherford will present on Developing Capabilities for the New Energy Economy. Weatherford’s learning and development programs are critical to the continued success of the different global product lines. The Optimax deep-set safety valve protects against catastrophic loss of well control. The programs consist of soft-skills and technical training, a comprehensive competence assurance program. It has been signed by approximately 80% of the holders of the Company’s outstanding senior unsecured notes.
“The Intervention Services (fishing and re-entry) training curriculum includes online computer-based training”, Weatherford’s V.P. of Intervention Services, Chris Cutrer said.
Weatherford’s Competence Assurance Program is a risk-based competence assessment process. Production 4.0 tools from Weatherford empower operators to connect the well. It assures the personnel have the capability to deliver our services as per operating standards. It claims under the DIP Facility shall be paid in full in cash on the Effective Date. Minimum requirements for all personnel in the fishing and re-entry product line, consisting of core processes. The company will have access to additional financing in the form.
Additional units for specialized equipment and job types within the fishing and re-entry product line. The Weatherford Optimax deep-set safety valve is a victory in innovative thinking. Weatherford’s career paths are skills-based protocol, self-driven by employees. Magnus addresses operators need for speed without sacrificing directional control. Holders of the Company’s existing ordinary shares will receive their pro rata share. Weatherford has provided fishing services to worldwide customers. Employees, managers, and human resources interact throughout the career levels progression.