Weatherford International

Weatherford International Ltd is one of the world leaders in the provision of innovative technologies and services in the oil and gas industry.

The company's products and services cover the needs of each stage of the well life cycle: drilling, evaluation, completion, production and workover.

Weatherford's list of services includes geophysical well surveys, directional drilling, pressure monitoring (CPD) drilling, expandable pipe systems, intelligent well completion technologies, production optimization systems, and all forms of mechanized oil and gas production systems.

Performance indicators

2023

At the end of 2023, Weatherford's revenue in Russia amounted to approximately 24 billion rubles. This is 20% more than the result for the previous year. At the same time, the company's net profit jumped almost twice, reaching 6.4 billion rubles.

History

2024: Staff growth in Russia

In early April 2024, it became known that the American oilfield service company Weatherford, despite the current geopolitical situation, is increasing the number of personnel in Russia. In addition, the company bought an indefinite license for the use of technologies for 1 billion rubles.

According to the Vedomosti newspaper, Weatherford, the Russian division of Weatherford, continues to provide services in the Russian Federation, fulfills existing contracts and plans to conclude new contracts with customers. At the same time, Weatherford itself announced the suspension of investments and technology supplies to Russia in 2022 in connection with a special operation in Ukraine. In 2021, these investments accounted for approximately 20% of the Russian oilfield service market.

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The expansion of the staff in the Russian Federation testifies to the stability of the Weatherford business and growth prospects. Against the background of the situation, the company is reorganizing the supply channels for equipment.

The aforementioned license for the use of intellectual property and products was acquired from Weatherford Technology Holdings LLC, but what kind of technologies are in question is not specified as of early April 2024. Analysts note that Weatherford remains an active participant in the Russian oilfield service market, seeking to increase its share amid the departure of other major players. The licensing of Weatherford Technology Holdings assets should help strengthen the company's position in the profile segment of the Russian industry.^[1]

Notes