Weatherford Plans to Continue Operations in Russia
The international oilfield services company Weatherford plans to continue its activities in Russia, despite the decision to stop investments, follows from the reporting of a subsidiary of Weatherford LLC.
“In March 2022, Weatherford International announced the termination of investments and the introduction of technologies in Russia. At the same time, the company’s management is confident that this does not affect the ability of Weatherford LLC to continue its activities in the foreseeable future,” the report says.
“The company has contracts with major customers that provide a significant share of the planned revenue for 2023, and the company’s management intends to continue to fulfill existing contractual obligations, as well as enter into new contracts with customers,” Weatherford adds.
It is noted that Weatherford’s structure has successfully rebuilt the supply channels for inventory items and equipment that were previously imported from various countries, concluding agreements with domestic counterparties, as well as with foreign counterparties who are ready to cooperate with Russian organizations. In addition, Weatherford has the necessary technical base and technologies, highly qualified personnel, experience and reputation to carry out continuous operations in the foreseeable future, the report also says.
“The Company is closely monitoring the development of the geopolitical situation in order to, in the event of any indicators of a negative impact on its activities, make an alternative assessment of its strategic and operational intentions and plans,” the report concludes.
Weatherford is one of the world’s leading service companies in the energy sector. Operating in more than 75 countries, the company solves the problems of the energy industry, with offices around the world: about 17 thousand employees and about 365 facilities, including production, research, service centers and training facilities.
