Weatherford International

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Weatherford International Oil Field Services Ltd.
Type Oilfield services company
Industry Oilfield Services
Founded 1940s
Headquarters Geneva, Switzerland
Key people Chairman & CEO: Bernard Duroc-Danner
Products Diversified Oil field services
Revenue Increase$7.8 billion USD (2007) NYSE: WFT
Employees 50,000 (2008) [1]
Website Weatherford.com

Weatherford International Oil Field Services Ltd (NYSE: WFT) is one of the largest international oil and natural gas service companies. The company provides products and services for drilling, evaluation, completion, production and intervention of oil and natural gas wells, along with pipeline construction and commissioning. Headquartered in Switzerland, Weatherford currently operates in more than 100 countries across the globe and employ more than 50,000 people.[2]. The company has a substantial presence in the Middle East.[3]

History

The company was founded in 1941 in Weatherford, Texas as the Weatherford Spring Company by Jesse E. Hall Sr.[4][5] In 1948, the company was renamed Weatherford Oil Tool Company (WOTCO) with ownership by Jesse Hall, his son, Elmer, James E. Berry, and Juan A. Perea.[6] From its inception, the company pioneered an innovative technique and equipment for the cementing of cased-hole oil wells.[7] Originally marketed to U.S. well owners, Weatherford drilling and casing equipment was soon being used in the oil fields of Venezuela by the Gulf Oil Company.[8]

In 1972, the separate company of Energy Ventures, Inc. was founded as an offshore gas and oil exploration and production company.[9] In 1987, Energy Ventures was liquidated and re-established, and by 1990, had acquired Grant Oil Country Tubular Company.[10]

In 1991, Weatherford acquired Petroleum Equipment Tools Company (PETCO).[11] Weatherford and HOMCO later merged operations to create Weatherford Services, the largest oil fishing/rental company in the world. In 1995, Weatherford International merged with Enterra, becoming Weatherford Enterra Inc.[12]

In May 1998 Energy Ventures, since renamed EVI, Inc. and Weatherford Enterra, Inc. merged, creating the current company now known as Weatherford International.[13][14] In the next two years, Weatherford added a number of well-organized brands to its expertise, including Dailey, Orwell, Energy Rentals, Whiting, Williams, BBL and ECD Northwest. Weatherford also created a stronger completion competence with the addition of well-known brands in the sector such as Petroline, Cardium, Nodeco, McAllister, Johnson Screens, Houston Well Screens, Arrow, and CIDRA.

In 2005, Weatherford acquired Precision Drilling Corporation’s Precision Energy Services and International Contract Drilling divisions. <p>In July 2007, the company was featured in news media reports questioning operations of the company's foreign subsidiary, Weatherford Oil Tool Middle East, which had offices and equipment in the nation of Sudan.[15] Since 1997, U.S. companies were forbidden by law to operate in Sudan, though foreign subsidiaries of U.S. companies could still legally operate in that country if there was no involvement by the U.S. parent or any other U.S. person.[16] Nevertheless, in response to media and investor criticism, the company announced that it would divest itself of any foreign subsidiary operations in countries sanctioned by the United States.[17][18] [19] The next year, Weatherford withdrew from activities in Sudan and donated its in-country equipment as well as providing additional equipment, supplies, and funding to Thirst No More, a humanitarian organization operating in Sudan.[20][21]
<p> In 2008, the company announced that it was shifting its place of incorporation from Bermuda to Switzerland.[22] That same year, Weatherford completed its acquisition of V-Tech International, a pioneer in the development of mechanical power tong systems in the North Sea to improve rig safety.[23]

Company Focus

As an oil and natural gas drilling services company, Weatherford produces a variety of products and services for the oil and gas industry. These include drilling services, electronic well measurement and monitoring, completion, production, and evaluation products and services. In particular, the company has developed directional drilling services that can extend through miles of bedrock with great precision, and tubular running services that are used on almost half of the world’s deepwater drilling projects. The company has more sand screen systems installed worldwide than any other company, and production optimization systems in more than 100,000 wells around the world. Additionally, Weatherford is the industry’s only provider of all forms of artificial lift. Weatherford also offers intervention, completion, and decommissioning services for well owners, in addition to pipeline precommission, commissioning operations, and one of the worlds diverse fleets of inline inspection tools.[24][25]

See also

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References

  1. ↑ Company Background
  2. ↑ Weatherford Annual Report
  3. ↑ Clanton, Brett. "Halliburton's not alone in move to region / Many companies have sights set on Middle East." Houston Chronicle. Tuesday March 13, 2007. Business 1. Retrieved on January 23, 2010. "Take Weatherford International. Last year, the Houston firm,"
  4. ↑ Riversand Company, Customers, retrieved 27 April 2010
  5. ↑ Federal Court Of Appeals, Jesse E. Hall, Sr., and Rhoda O. Hall, Petitioners v. Commissioner Of Internal Revenue, Respondent, 294 F.2d 82 (1961)
  6. ↑ Hall v. Commissioner Of Internal Revenue, 294 F.2d 82 (1961)
  7. ↑ Hall v. Commissioner Of Internal Revenue, 294 F.2d 82 (1961)
  8. ↑ Hall v. Commissioner Of Internal Revenue, 294 F.2d 82 (1961)
  9. ↑ FundingUnivers.com, Weatherford International: Company History, retrieved 27 April 2010
  10. ↑ FundingUnivers.com, Weatherford International: Company History
  11. ↑ FundingUnivers.com, Weatherford International: Company History
  12. ↑ FundingUnivers.com, Weatherford International: Company History
  13. ↑ "Weatherford Overview." Weatherford International. June 6, 2002. Retrieved on January 23, 2010.
  14. ↑ FundingUnivers.com, Weatherford International: Company History
  15. ↑ Walt, Vivienne, A Texas Company In Sudan, CNN Money.com Fortune, 25 July 2007
  16. ↑ Walt, Vivienne, A Texas Company In Sudan, 25 July 2007
  17. ↑ Walt, Vivienne, A Texas Company In Sudan, 25 July 2007
  18. ↑ Script error
  19. ↑ Script error
  20. ↑ Laird, Kerry, Weatherford Ending Operations In Iran, Cuba, Syria, Sudan With Loss, RigZone.com, 18 March 2008
  21. ↑ Walt, Vivienne, Weatherford makes amends in Sudan, CNNMoney.com: Fortune, 14 May 2008
  22. ↑ "Weatherford planning to relocate base to Switzerland." Houston Business Journal. Friday December 12, 2008. Retrieved on January 23, 2010.
  23. ↑ Anonymous, Field-tested Power Tong Handles All Sizes Of Casing, Drillpipe, Tubing, Offshore, 1 April 2008
  24. ↑ Weatherford International Ltd., Company Focus, retrieved 27 April 2010
  25. ↑ Weatherford International Ltd., Pipeline Specialty Services: Production - Precommissioning And Commissioning, retrieved 27 April 2010

External links


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