World-First Technology to Transform Well Construction Achieves Milestone; Completes 15,000 Tubular Connections in 50 Operations Worldwide
BAAR, Switzerland, Aug. 15, 2019 /PRNewswire/ -- Weatherford International plc (OTC-PINK: WFTIQ) (the "Company" or "Weatherford") has announced that its Vero® automated connection integrity system, which applies artificial intelligence to validate well integrity with absolute certainty and minimize safety risks, has completed 15,000 tubular connections in 50 operations worldwide since its market debut.
In less than two years, Vero is delivering value to producers around the globe. Notable real-world results include:
- Kazakhstan: Running multiple jobs per month for an operator with zero Nonproductive Time while consistently improving efficiency and removing personnel from the rig floor.
- United Arab Emirates: Offshore operation achieved a 30 percent increase in running speeds and zero rejected joints on multiple jobs.
- Norway: Improved previous mechanized operational performance by 15 percent, resulting in the fastest liner-running operation on that rig in four years.
- Qatar: The operator asked for the system by name when it needed to pull and re-run a completion. Weatherford is currently running a third commercial operation for the operator.
By applying artificial intelligence at every stage from pipe manufacturing to well installation, Vero improves connection make-up efficiency and eliminates the inevitable errors associated with human judgement during the connection process. In doing so, the solution can minimize the chance of catastrophic well failures associated with poorly made-up connections, significantly reduce the total cost of well ownership, minimize personnel safety risks, and protect corporate reputation.
"The future for Vero is very bright," said Dean Bell, President of Well Construction for Weatherford. "There is no debate. Vero is the most disruptive technology ever introduced in the tubular running space and operators are taking notice. Vero is now being engaged in most major offshore and onshore markets around the world, with its first-ever U.S. operation scheduled to begin this fall in the Gulf of Mexico. Vero goes beyond tubular running to help our customers build wells that last a lifetime."
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 24,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.
Contact:
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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