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Thursday January 21, 12:52 pm Eastern Time
Company Press Release
SOURCE: Weatherford International, Inc.
Weatherford Awarded $18 Million Supply and Service
Contract for PCP Pumps in Argentina
HOUSTON, Jan. 21 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT - news) announced that YPF S.A. has selected its Artificial Lift Division to be the exclusive supplier of progressing cavity pumping (PCP) systems for YPF's wells in the West and South regions of Argentina for five years.
The PCP system includes subsurface progressing cavity pumps, surface controls and torque limiters, subsurface electronic pressure/temperature indicators, data loggers, surface driveheads and new bottom hole devices in pumps and materials designs. The contract includes the 420 wells currently in operation and the new wells that will operate with PCPs.
The agreement, valued at approximately $18 million, includes field installation and maintenance value-added services. The contract was awarded in December 1998.
PCP is one of five artificial lift systems offered by Weatherford. Weatherford's Artificial Lift group is the single-source provider
of artificial lift systems and solutions worldwide, and the only company that offers a completely integrated suite of artificial lift
systems for reciprocating lift, hydraulic lift, gas lift, electric submersible pumping and progressing cavity pumping.
Houston-based Weatherford International, Inc. is one of the largest global providers of engineered products and services to
the drilling and production segments of the market.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 concerning, among other things, Weatherford's prospects for its operations and the integration of recent acquisitions, all
of which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully
described in Weatherford International, Inc.'s Annual, Quarterly and Current Reports filed with the Securities and Exchange
Commission, include the impact of oil prices and worldwide economic conditions on drilling activity, the demand and pricing of
Weatherford's products, as well as the ability to achieve the anticipated synergies and savings from the recent merger between
EVI, Inc. and Weatherford Enterra, Inc. Should one or more of these risks or uncertainties materialize, or should the
assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.
SOURCE: Weatherford International, Inc.
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