U.S. Markets closed

Weatherford Drilling Wins Two OTC Asia Spotlight on New Technology® Awards

Magnus® Rotary Steerable System and Victus™ Intelligent Managed Pressure Drilling Named Two of the Industry's Most Advanced Technologies

HOUSTON, Nov. 21, 2019 /PRNewswire/ -- Weatherford International plc (OTC-PINK:WFTIQ) announced today two of its industry-leading drilling technologies have been named OTC Asia Spotlight on New Technology® Award winners. The coveted honor went to its Magnus® Rotary Steerable System (RSS) and Victus Intelligent Managed Pressure Drilling (MPD) innovations.  

Victus Intelligent MPD is an Industry 4.0 solution that enables operators and drilling contractors to achieve their objectives with unmatched safety and cost savings in deep water, in shallow water or on land. Victus integrates rig equipment for machine-to-machine communication, real-time analysis of downhole conditions and rapid automated responses. The solution uses an exclusive algorithmic model that precisely maintains bottomhole pressure, which enhances the primary well control barrier. Victus also includes a new automated MPD riser system for floating drilling vessels, reducing the time needed to rig up the MPD system from two days to less than one hour.

The Magnus RSS addresses operators' need for speed without sacrificing directional control. Unique design elements, including a true inclination hold, make Magnus the best-in-market RSS for maximizing reservoir exposure and monetizing the value of the well. The push-the-bit tool is designed for deployment in nearly any drilling scenario, including high doglegs. Key Magnus features include fully independent pad control, a fully rotating bias unit with minimal bottomhole assembly (BHA) stabilization, real-time BHA diagnostics and autopilot functionality. The system comprises several modular components to facilitate quick and easy maintenance, even in remote locations.

"The industry is recognizing Weatherford drilling technologies, including our Victus Intelligent MPD and Magnus RSS, as game-changing innovations," said Etienne Roux, President of Drilling and Evaluation at Weatherford. "The Magnus system, currently deployed across global Weatherford geozones, is disrupting the status quo of the world's rotary steerable market," continued Roux. "At the same time, Victus and its intelligent control system is empowering operators to take the right action, at the right time to achieve faster drilling, lower costs, and more production well after well."  

OTC Asia recognizes innovative technologies each year with the Spotlight on New Technology Award. The program showcases the latest and most advanced technologies that portend the energy industry of the future.

About Weatherford
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in more than 80 countries and has a network of 620 locations, including manufacturing, service, research and development, and training facilities and employs more than 24,000 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.

Contact:

Stuart Fraser
+1.713.836.4208
Interim Chief Financial Officer

Karen David-Green
+1.713.836.7430
Senior Vice President Stakeholder Engagement and Chief Marketing Officer

 

Weatherford logo. (PRNewsFoto/WEATHERFORD INTERNATIONAL)

 

Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/weatherford-drilling-wins-two-otc-asia-spotlight-on-new-technology-awards-300963393.html