Weatherford Unveils World-First Technology to Transform Well Construction

PRNewswire 11-Nov-2018 11:00 PM

BAAR, Switzerland, Nov. 11, 2018 /PRNewswire/ -- Weatherford International plc (NYSE:WFT) is introducing Vero automated connection integrity, which applies artificial intelligence to minimize safety risks and validate well integrity with absolute certainty.

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VERO

In applications ranging from conventional land to complex deep water, the Vero solution provides operators with previously unobtainable consistency and accuracy. The solution employs two new proprietary features: AutoMakeup™ technology, which precisely controls the makeup of tubular connections automatically, and AutoEvaluate™ software, which continually assesses torque against original equipment manufacturer specifications.

By applying artificial intelligence at every stage from pipe manufacturing to well installation, the Vero solution removes the uncertainty of human judgment from the connection process. In doing so, the solution can minimize the chance of catastrophic well failures associated with poorly made up connections, as well as significantly reduce the total cost of well ownership, minimize safety risks, and protect corporate reputation.   

"The world-first Vero solution is enabled by the most disruptive technology ever introduced in the tubular running space," said Dean Bell, President of Well Construction for Weatherford. "By replacing the inherent flaws of human judgment with AutoMakeup and AutoEvaluate technologies, Vero goes beyond tubular running. We expect it to minimize the associated risks, both onshore and offshore, and help our customers to consistently and reliably build wells that last a lifetime."

Delivering Results: Vero^™ Trial Tests

Vero automated connection integrity will make its official debut at ADIPEC 2018 with a ribbon-cutting presentation on Monday, November 12 at noon (Hall 8, Stand 8210).

For more information, visit www.weatherford.com/vero.

Forward-Looking Statements 
This press release includes forward-looking statements as defined under federal law, including those related to the performance of technology described in this press release. These forward-looking statements are generally identified by the words "believe," "expect," "anticipate," "estimate," "intend," "plan," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are subject to significant risks, assumptions and uncertainties. Known material factors that could cause the Company's actual results to differ materially from the results contemplated by such forward-looking statements are described in the forward looking statements and risk factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and those risk factors set forth from time-to-time in other filings with the Securities and Exchange Commission. Weatherford undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.

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 90 countries and has a network of approximately 710 locations, including manufacturing, service, research and development, and training facilities and employs approximately 28,450 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.

Contacts:

Christoph Bausch
 +1.713.836.4615 Executive Vice President and Chief Financial Officer

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

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SOURCE Weatherford International plc