The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford
Image: An Equinor building. (Credit: Ole Jørgen Bratland/Equinor ASA)
Weatherford International plc (OTC-PINK: WFTIQ) (the “Company” or “Weatherford”) announced it has signed an $80 million liner-hanger frame agreement with Equinor, a Norwegian-based international energy company. The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford.
Mark Hopmann, President of Completions for Weatherford said, “Weatherford is the market leader for liner-hanger technology across the North Sea. Guided by a principle of flawless execution, we deploy our liner hangers for reduced operating expenses and superior performance reliability.”
Originally developed for the North Sea, Weatherford liner-hanger systems offer durability in routine and quality-critical applications throughout the world. The premium systems are field-proven in the harshest environments, including ultradeep, high-angle, and extended-reach wellbores. Weatherford manufactures nearly every component of its liner-hanger systems. The high-quality designs help operators to reach total depth with reliability.
The Company’s liner-hanger technology reduces the length of the last liner set in the well by several hundred meters. Rather than extending a single casing string to the top of the wellbore, the technology enables suspending the liner below the ground. The savings are substantial versus a conventional casing run, especially considering the associated time and costs for cementing.
Source: Company Press Release
Source: Company Press Release