Weatherford International Gets Two Five-Year Contracts From Abu Dhabi National Oil

By Chris Wack

Weatherford International PLC said it was awarded two five-year contracts with Abu Dhabi National Oil Co. with a combined value of more than $1 billion for downhole completions equipment and liner hanger systems.

The company said these drilling-related awards would help ADNOC achieve its 2030 goal of expanding production capacity to 5 million barrels per day.

Weatherford said its UAE manufacturing facility in Abu Dhabi would produce the majority of products delivered in both contracts.

Weatherford shares were up 5%, to $32, in premarket trading.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

11-16-21 0825ET