Weatherford wins Colombian 3,000 well production optimization contract

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions. The Company operates in over 80 countries and has a network of approximately 650 locations. It is one of the largest multinational oilfield service company. It including manufacturing, service, research and development. The number of employee approximately employs approximately 26,500 people.

Weatherford announced a contract win with a Colombia, South America operator. The court approves Weatherford Interim Access to up to $1.5 Billion in New “DIP” Financing. Weatherford International plc announced that additional holders of its senior notes. The proposed comprehensive financial restructuring would significantly reduce the Company’s long-term debt. It migrate seven LOWIS sites, comprising 3,000 wells, to the Company’s ForeSite Production.

Company has postponed its first quarter 2019 earnings release. Victus enables operators and drilling contractors to achieve their objectives. Together, the technologies introduce Production 4.0 intelligence to the wellsite. The company will provide all maintenance and services for the software platform for five years. In December 2018, the Company signed a definitive agreement to sell all of its surface data logging equipment.

Mark A. McCollum, President and CEO of Weatherford says “We have been executing a company-wide transformation to fundamentally improve the way”.

The technical and production services required to allow Production Performance Management. It integrates rig equipment for machine-to-machine communication. It increases uptime and profitability, boosts production autonomously and improves. The companies intend to maintain a close and collaborative relationship to provide bundled. The contract also provides for migrating the operator’s remaining major and minor fields to ForeSite.

The proposed comprehensive financial restructuring contemplated by the restructuring agreement. The Company intends to file its quarterly report on Form 10-Q for the quarter ended March 31, 2019. Company precisely maintains bottomhole pressure to enhance the primary well control barrier. ForeSite Edge is the first oilfield technology of its kind to combine lift control.

Weatherford’s production optimization technology extends from the wellbore to the point of sale. The Company and noteholder parties to the Restructuring Agreement are in the process of negotiating definitive documentation. Victus also includes a new automated MPD riser system for floating drilling vessels. The foundation of ForeSite Edge is the Weatherford ForeSite and CygNet software platforms.

The transaction is one in a series of planned divestitures to refocus the Company’s portfolio. It encompassing asset-management workflows for the life of any well. Company most closely aligned with its long-term strategy and to reduce its debt. The press release includes forward-looking statements as defined under federal law. The natural flow to all forms of artificial lift in addition to hydrocarbon flow in pipelines and surface facilities.

It relating to the transactions contemplated by the Restructuring Agreement. The transaction results in pro forma net leverage at or below 2.7x at year-end 2019. ForeSite is the industry’s only enterprise-level production optimization platform. The Company’s business plan implies significant free cash flow generation under the new capital structure. ForeSite is the industry’s only enterprise-level optimization platform.

Anthony Spinler, Vice President of MPD at Weatherford says “Victus is a breakthrough that combines human intelligence with machine communication”.

The operator utilized LOWIS, a standard well monitoring and lift optimization application. The resulting in reduction of net leverage to 1.8x in 2020 and 1.2x in 2021. ForeSite is available in both hosted and Google Cloud-based installation. The operator decided to expand its current engagement with Weatherford to also include the Company’s industry-leading production. The industry-leading software combination acquires, stores and manages high-frequency well data.

Weatherford software has proven itself in some of the most challenging fields around the world. Weatherford expects to implement the Restructuring Agreement through a “pre-packaged”. It incorporates all the components of Industry 4.0 into one product: ForeSite Edge. The operator will deploy Weatherford’s ForeSite production optimization technology. Weatherford received approval to continue its customer programs. It transform the data into performance and allow them to monetize that data.

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