August 18, 2008
Weatherford Acquires International Logging
HOUSTON, Aug. 18 /PRNewswire-FirstCall/ -- Weatherford International Ltd. announced today that it has acquired International Logging, Inc. ILI is a world-class provider of surface logging, or "mud logging", and provides formation evaluation and drilling related services at the well site through its team of more than 1,200 graduate field geologists serving customers in more than 55 countries from over 30 offices globally. With the acquisition of ILI, Weatherford adds a new service to its portfolio, which is already one of the broadest in the industry.
In addition to operating the most modern fleet of surface logging units in the industry, ILI brings a unique portfolio of technologies to the drilling and evaluation processes. ILI's technologies are designed to improve operational efficiency by supplying operators with more reliable and more accurate geological and drilling engineering information at the well site in order to enhance formation evaluation and reduce operating time and risk.
ILI's GCTracer system is the most advanced gas chromatograph system in the sector, utilizing a patented gas membrane technology that delivers detailed and advanced hydrocarbon gas analysis at the well site up to four times faster than competitive systems. This technology allows operators to identify fluid types and zones of interest enabling more cost effective decisions on wireline logging, completion and production programs. This service will be linked with a number of existing drilling and production related services that Weatherford currently offers.
ILI also brings a newly designed electronic drilling recorder for unmanned monitoring of drilling data and one of the most advanced communication and information management services in the industry.
Weatherford is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs approximately 43,000 people worldwide.
Contact: Andrew P. Becnel (713) 693-4136 Chief Financial Officer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford's prospects for its operations which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.'s reports and registration statements filed with the SEC, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the outcome of pending government investigations, the demand for and pricing of Weatherford's products and services, domestic and international economic and regulatory conditions and changes in tax and other laws affecting our business. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary materially from those currently anticipated.
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Weatherford International Ltd.
CONTACT: Andrew P. Becnel, Chief Financial Officer of WeatherfordInternational Ltd., +1-713-693-4136
Web site: http://www.weatherford.com/