WFT - Weatherford acquires 2 companies (both press releases below):
1) Weatherford Acquires Austoil Technology Ltd.
- Deal Adds Proprietary Extended Reach Drilling Products
To Weatherford's Production Enhancement Offerings -
HOUSTON, April 7 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT) today announced the acquisition of New Zealand-based Austoil Technology Ltd. Austoil Technology Ltd., a subsidiary of the Austoil Group, develops products for extended reach and long horizontal section drilling applications.
The acquisition provides Weatherford with patented mechanical friction reduction technology, including roller-based tools that reduce drag and torque in rotary drilling, coil tubing drilling, cementing and sand screen applications. The unique Austoil roller technology significantly augments Weatherford's extensive offering of products that are critical for successful extended reach and horizontal applications. Austoil products have been used extensively in the North Sea and are recognized for their ability to significantly reduce torque and drag in these types of reservoirs.
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 oil and gas industry.
Austoil Technology Ltd. was incorporated in New Zealand in 1996 by Austoil Group to provide ongoing research and development of technologically advanced solutions to problems encountered in extended reach drilling.
SOURCE Weatherford International, Inc.
CO: Weatherford International, Inc.; Austoil Technology Ltd.
ST: Texas, New Zealand
IN: OIL TLS
SU: TNM
04/07/99 08:41 EDT prnewswire.com
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2) Weatherford Acquires Underbalanced Drilling Specialist
HOUSTON, April 7 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT) today announced the acquisition of ECD Northwest from Clearwater, Inc. ECD Northwest is a leading provider of underbalanced drilling services with a full range of compressible fluid drilling systems, including air/gas, mist, aerated fluid and foam. ECD owns patented foam technology with proprietary chemistry for optimal shale and corrosion control in underbalanced modes. ECD also markets hydraulic software for multiphase flow and data acquisition capabilities.
The ECD Northwest acquisition expands Weatherford's capabilities in underbalanced drilling. It complements Weatherford's rotating blowout preventers and high temperature motor technologies to offer a complete underbalanced system. The acquisition is also synergistic with Weatherford's growing capabilities and tools in re-entry, thru-tubing and completion systems, more particularly, liner hangers and inflatable packer systems.
Houston-based Weatherford International, Inc. is one of the world's largest providers of engineered products and services to the drilling and production segments of the oil and gas industry.
Clearwater, Inc. is a Pittsburgh, PA.-based provider of innovative chemistries, engineering and natural gas dehydration solutions to improve the productivity of new and existing oil and gas wells.
SOURCE Weatherford International, Inc.
CO: Weatherford International, Inc.; ECD Northwest; Clearwater, Inc.
ST: Texas, Pennsylvania
IN: OIL
SU: TNM
04/07/99 08:42 EDT prnewswire.com |
