ResLab and other acquisitions bolster company’s growing core evaluation business
HOUSTON, June 28, 2007 -- Weatherford International Ltd. (NYSE:WFT) today announced that it has acquired Reservoir Laboratories AS (ResLab), a strong player in the core and reservoir fluid analysis sector of the oil and gas industry.
This acquisition augments several important components of Weatherford’s core evaluation services, including a team of highly experienced engineers and a strong presence in the Middle East.
ResLab is a privately owned international laboratory service company established in Norway in 1986. Based on the fundamentals of data quality and hands-on service, ResLab is the market leader for reservoir laboratory services and core analysis testing in the 10 locations it operates around the world, primarily in the Eastern Hemisphere along with Mexico and Brazil.
The ResLab acquisition represents Weatherford’s most recent addition to the company’s newly formed core evaluation services expertise, which provides comprehensive analytical services to the oil and gas industries.
Prior acquisitions included the following: OMNI Laboratories, the world’s second-largest core management service company; Hycal Energy Research Labs, industry-leading provider of formation damage and reservoir optimization expertise; TICORA Geosciences, the industry leader in characterization of coals and other unconventional gas reservoirs; and Humble Geochemical Services, the industry leader in hydrocarbon geochemistry. Altogether, the company now serves clients through 28 laboratory facilities and 5 Centers of Excellence.
“Merging these complementary companies positions Weatherford as a global leader in core laboratory services,” commented Chris Bechtel, Business Unit Vice President, Core Evaluation Services for Weatherford. “We are now uniquely able to cross-pollinate technologies in-house, using the best testing available, deployed through one of the strongest global footprints in the oilfield services market.”
Bechtel continued, “Given that most of the so-called easy oil and gas has already been found, the future of our business lies increasingly in the unconventional and most challenging reservoirs. The complete package brought together by these strategic acquisitions offers clients total analysis of unconventional resources unmatched in the industry today.”
“Weatherford’s global scope and customer base will maximize ResLab’s opportunities for
future growth,” stated Dr. Odd Hjelmeland, Founder and President of ResLab. “We are confident that the combined entity will greatly benefit our clients around the world.”
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 more than 33,000 people worldwide.
# # #
Contact:
Media – Christine Mathers: +1-713-386-8989