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Press Release
ResLab and Weatherford confirm intent to
move forward together
May 16, 2007, NORWAY --ResLab, Reservoir Laboratories AS announced
today that it is being acquired by Weatherford International Ltd. (NYSE:WFT).
A definitive agreement providing for the transaction has been signed,
and the transaction is expected to complete in early June.
Weatherford International Ltd. 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 33,300 people worldwide.
“ResLab will augment Weatherford’s existing Core Evaluation Services business,
which
focuses on the high-quality reservoir conditions testing sector of the oil and
gas laboratory
services market, including core analysis, reservoir fluid analysis and other
related
services,” stated Chris Bechtel, Weatherford’s Global Business Unit Leader.
“Weatherford’s global scope and customer base will maximize ResLab’s
opportunities for
future growth,” stated Dr. Odd Hjelmeland, founder and president of ResLab.
ResLab celebrated its 20th anniversary in the oil and gas business
this year, with its founder
Dr. Odd Hjelmeland still leading the company. ResLab achieved significant
international
growth since 1998 in terms of geographic coverage (with established laboratories
in Norway,
UK, Abu Dhabi, Oman, Brazil and Mexico), staff numbers, breadth and depth of
technical
expertise and financial turnover. The company is well positioned at the
high-technology
end of the market and will fit in well with the culture of technical excellence
at Weatherford.
Going forward, ResLab expects business as usual for ResLab clients and ResLab
staff, as ResLab
continues to deliver high-quality services to its clients. ResLab anticipates
being able to work
in closer proximity and with enhanced contact with its client base as it
capitalises on the
exceptional international infrastructure and network that Weatherford provides.
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SOURCE: ResLab, Reservoir Laboratories AS
CONTACT: Odd Hjelmeland (+47 907 491 85)
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