Weatherford International and Nabors Industries have signed a non-binding memorandum of understanding (MOU) to form an alliance to deliver enhanced drilling solutions to the oil and gas market within the 48 states of the US.
According to the MOU, Weatherford will bring to the alliance well construction expertise, managed pressure drilling (MPD) solutions, directional drilling capabilities and drilling hardware in addition to associated software applications and engineering personnel.
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Nabors will bring its fleet of MPD-ready SmartRigs and land-optimised measurement while drilling (MWD) systems, along with its performance drilling software applications, automated rig equipment and proprietary control systems.
MOU will speed up commercialisation of a complete portfolio of drilling technology tools and solutions by leveraging the technical expertise and engineering capabilities of the two companies.
This integrated technology offering is expected to provide better value to operators through improved operational performance, accurate wellbore placement and lower drilling costs.
Weatherford CEO Krishna Shivram said: "We are very excited about the opportunity to strengthen our capabilities in the largest land market by jointly leading the creation of innovative integrated drilling solutions with Nabors.
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By GlobalData"The early entry into this emerging market will create a strong, new sales channel for our company, while allowing us to secure market participation in a new service model increasingly demanded by our clients.
“This transformative collaboration will enable Weatherford to deliver our industry-leading managed pressure drilling systems, advanced logging while drilling (LWD) and rotary steerable system (RSS) capabilities, as part of an integrated drilling offering that will leverage onto the most capable land rig fleet in the US market.
Nabors CEO Anthony Petrello said: "We are pleased to jointly present to the market a broader scope of activities, while accelerating the introduction of a unique offering that, we believe, can more efficiently and cost effectively be delivered to operators through our new SmartRig platform.
"By accessing Weatherford's proven track record in managed pressure drilling, we can accelerate to market the capabilities of our new MPD-ready SmartRigs. Weatherford's capability in the LWD and RSS arena will expand our service offering and complement our new, leading-edge MWD suite of Accusteer tools.
“By integrating these and other automated tools and services into Nabors' new Rigtelligent operating system, we expect to drive improved, consistent and reliable execution for our customers. We expect our alliance to result in a powerful value proposition that will accelerate market penetration, enhance both of our companies' returns and drive further growth in a key market."
Weatherford is a multinational oilfield service company providing solutions, technology and services to the oil and gas industry.
The company operates in more than 90 countries and has a network of approximately 900 locations, including manufacturing, service, research and development and training facilities, and employs around 30,000 people.
Nabors Industries owns and operates a land-based drilling rig fleet and is a provider of offshore drilling rigs in the US and several other markets.
Nabors also offers directional drilling services, performance tools and innovative technologies throughout oil and gas markets.
