Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced it has been awarded a two-year frame agreement extension with Equinor, a multinational energy company, for the delivery of completions, liner-hangers, and slot recovery services.
To deliver on this scope, Weatherford will offer its Accuview® downhole monitoring solutions with the AlphaVTM next-generation whipstock system building on our track record of enhancing operational efficiency and reducing rig time. Notably, in 2023, Weatherford successfully introduced AlphaVTM, enabled by the Accuview® platform in the North Sea for Equinor. This deployment eliminated the need for a dedicated wellbore preparation run, saving cost and improving operation efficiency through remote monitoring capabilities. Combining these proprietary technologies with those acquired from the Ardyne portfolio, Weatherford recently executed a slot recovery operation, delivering further cost and operational enhancements for Equinor.
Through this extension, Equinor also gains access to Weatherford's leading ForeSite® sense optical reservoir monitoring solution alongside a comprehensive array of completion solutions. Weatherford's unique offering allows for integrating various measurement types in a single fiber optic cable, simplifying the downhole architecture and facilitating reliable reservoir monitoring as a means to production optimization.
Girish Saligram, Weatherford President and CEO commented, “I am delighted that Equinor has chosen to extend our collaboration. This recognition underscores the significance of our completions and slot recovery portfolios, highlighting the distinctive and innovative capabilities that empower our customers to fulfill their operational goals.”