RPI: Offshore Field Development in Russia: Are the Sanctions an Opportunity for Russian Companies to Fill the Void?
Vadim Kravets In mid-February 2015, the third round of EU sanctions targted a number of Russian officials and nine new companies were introduced. Previously, in late summer and early autumn 2014, the U.S., EU, Japan and Canada introduced, in two rounds, sanctions againstw certain individuals and sectors of Russia’s economy …
Weatherford: Launches TruFrac Composite Frac Plug
Weatherford International plc announced today the commercial release of its TruFrac® composite frac plug at the 2015 Intervention and Coiled Tubing Association (ICoTA) Conference and Exhibition in Booth 411. With a high level of reliability, the TruFrac® composite frac plug maximizes the efficiency of plug-and-perf completion operations by reducing time …
Weatherford: Q4 and 2014 Annual Results – Debt Down $1.2bn
Weatherford International plc reported net income before charges of $252 million ($0.32 diluted earnings per share non-GAAP) on revenues of $3.73 billion for the fourth quarter of 2014. – Fourth Quarter EPS of $0.32 per share (non-GAAP) – Reduces Net Debt by $1.1 billion and generates free cash flow of …
Total: Successful Radial Cutting Torch Application in Russia
Weatherford, which specialists successfully completed complex interventions in severe High North environment, is successfully operating with major Russian and foreign operators at the oil fields of the Timan-Pechora Province, Komi Republic, as well as Nenets and Yamal and Nenents Autonomous Areas. Various mills, cutters, perforators and dressing tools, etc. are …
Weatherford: Completes Drilling Fluid Business Unit Sale to Lubrizol
Weatherford International plc closed the previously announced sale of the Company’s engineered chemistry and Integrity drilling fluids businesses to an affiliate of The Lubrizol Corporation, a Berkshire Hathaway company, for a purchase price of $750 million, subject to a customary post-closing working capital adjustment. Weatherford may also receive a potential …
Russian Drilling Market: A Paradigm Shift
In all likelihood, the year 2014 will go down on record as a turning point for the Russian drilling market. New trends have been seen on this market for the first time in several years, i.e. a decline in the scope of total drilling instead of growth that was recorded …
Weatherford to Sell its Engineered Chemistry and Drilling Fluids Businesses for $825 Million in Cash and Earnout
Weatherford International plc has signed a definitive agreement with an affiliate of The Lubrizol Corporation (“Lubrizol”), a Berkshire Hathaway company, for the sale of the Company’s engineered chemistry and Integrity drilling fluids business. The businesses will be sold for $750 million in cash, subject to customary purchase price adjustments, plus …
Weatherford: Q3 Results – Revenues Up 8% Excluding Business Unit Sales
Revenues, excluding divestitures, grew 8% sequentially EPS of $0.32 (non-GAAP) improved 33% sequentially Incremental operating income of 48% on sequential revenue growth Reduction in Net Debt of $717 million BAAR, Weatherford International plc reported net income before charges of $248 million ($0.32 diluted earnings per share on a non-GAAP basis) …
Rosneft Discovered a New Hydrocarbon Field in the Kara Sea
Rosneft successfully completed the drilling of the northernmost well in the world – the Universitetskaya-1 well in the Arctic. According to the results of the drilling Rosneft has made an oil discovery at the East-Prinovozemelskiy-1 license area. The drilling was completed in record-breaking time – in one and a half …
Weatherford Awarded Statoil Tubular Running Services Contract
Weatherford International plc announced today it has been awarded an exclusive contract with Statoil Petroleum AS valued at $400 million for the delivery of Tubular Running Services on 19 drilling units in Statoil’s portfolio. This contract has a base period of six years with the option of two consecutive two-year …