The Energy Of Innovation

We had a great year creating value through technology innovation across our products and services portfolio for our customers and bringing differentiated offerings to the industry. Our investment and commitment to innovating our portfolio and capabilities have strengthened our offerings, improved our operational efficiencies, enhanced customer relationships, and boosted our performance-driven culture in the pursuit of our ambitions.

Product & Service Portfolio

In 2023, we continued on our journey to enhance customer experience by aligning our strategy with our customer’s investment trends to offer products and services to core oil and gas and new energy markets, enabling improved customer collaboration, stronger operating processes, and aligning our investment choices with growth opportunities.

Throughout the year, we continued to deliver technology excellence and differentiation across our three segments: Drilling & Evaluation (DRE), Well Construction & Completions (WCC), and Production & Intervention (PRI). In addition, we also continued to leverage our strengths to deliver best-in-class Integrated Services & Projects (ISP) that enable customers to streamline operations from conception to completion and execute the right services with a comprehensive portfolio of technologies.

Drilling & Evaluation (DRE)

Using a suite of technologies that include drilling services, Managed Pressure Drilling (MPD), wireline, and interpretation & evaluation services, Weatherford DRE technologies are complemented by front-end engineering and planning processes to help our customers safely access, drill, evaluate, and maximize reservoir potential and productivity.

Technology Highlights

We have added to our MPD offering and we're proud to introduce Modus^™ Managed Pressure Wells Solution, aimed at elevating operational performance and drilling efficiency. Modus employs a comprehensive pressure measurement strategy to meticulously manage primary well control barriers, eliminate pressure spikes, improve hole stability, optimize drilling plans, manipulate mud weights effectively, and increase rates of penetration (ROP).

Furthermore, our deployment of two cutting-edge fluids technologies signifies our commitment to continuous improvement in drilling efficiencies. WEL-Core^™ Stabilizer Lost Circulation Material, implemented in oil-based drilling fluid in Latin America, follows a meticulously engineered approach to minimizing downhole losses and enhancing drilling efficiency. Meanwhile, WEL-Hib X, our new high-performance shale and clay inhibitor, is designed to mitigate the adverse effects of drilling fluids on formations, thus further enhancing drilling efficiency.

These developments mark an exciting leap forward in our industry, setting the stage for enhanced performance and efficiency across the board.

Notable Contracts

• Weatherford was awarded a three-year contract for MPD with Saudi Arabian Chevron and Kuwait Gulf Oil Company. Weatherford is the first company to provide its premier MPD technology offering for an upcoming exploration campaign.
• Aramco awarded Weatherford a three-year drilling services contract highlighting our focus in the Middle East region.
• Aramco awarded Weatherford a three-year contract for the supply and maintenance of Drilling and Fishing jars.
• Weatherford was awarded a three-year contract for the provision of Wireline services by ENI Italy.
• A major operator in Asia awarded Weatherford a one-year contract for the supply of MPD systems for Carbon Capture and Sequestration (CCS) on an offshore gas development project.

Well Construction & Completions (WCC)

Our WCC segment provides products and services that deliver well integrity assurance across the full life cycle of the well. The primary offerings include tubular running services (TRS), completions, cementation products, liner hangers, and well services. These offerings connect the reservoir to the surface in the most efficient manner and provide customers with the highest level of integrity, monitoring, control, and operational flexibility.

Technology Highlights

In our WCC segment, we launched StringGuard^™ Spider Load-Transfer Indicator, a modern technology aimed at boosting safety and operational efficiency during tubular running services operations. This innovation has been recognized with the prestigious OTC Asia Spotlight on New Technology award, underscoring its significant contribution to enhancing its impact on safety and reliability in both offshore and onshore rig operations.

Additionally, we introduced the Xpress^™ XT pressure-balanced liner system to elevate the reliability of liner hanger systems, thereby reducing operational risks and ensuring superior well integrity. Complementing this, our Sub-Surface Release^™ (SSR) system has been implemented to further enhance well integrity, featuring advanced fluid separation capabilities to prevent contamination prior to the cementing process. Notably, our SSR system stands out as the market's first and only offering with a triple dart and plug feature, ensuring true fluids separation.

Notable Contracts

• Weatherford was awarded a three-year deepwater contract with bp Azerbaijan. This contract enables bp to automate its TRS operations and further reduce red zone risk using Vero^® technology.
• Transocean awarded Weatherford a TRS Vero contract including the provision of Vero automated connection integrity on three rigs in Norway.
• QatarEnergy awarded Weatherford three five-year contracts to provide Completions, Well Services, and Intervention Services.
• Petrobras awarded Weatherford a five-year contract in Brazil to address subsea intervention and commissioning through our comprehensive offering, enhanced by our Centro^™ well construction optimization platform.
• Exxon awarded Weatherford a two-year Completions and Sand Control systems on the Guyana offshore programs.
• Cairn awarded Weatherford a three-year contract to provide Completions and Liner Hanger systems and services in their Barmer field in India.

Production & Intervention (PRI)

The PRI segment provides technologies for optimizing production, leveraging our experience in designing, engineering, and delivery of comprehensive production ecosystems – from improved production and reservoir productivity to responsible plug & abandonment solutions. Offerings include Intervention Services & Drilling Tools, Artificial Lift, Digital Solutions, sub-sea intervention, and pressure pumping services in select international markets. PRI offers a suite of reservoir stimulation solutions, well intervention capabilities, and a broad array of lift techniques customized to customer requirements – all enabled by automation and asset optimization technologies paired with engineering capabilities that isolate zones and unlock reserves across all reservoir types.

Technology Highlights

In joint development with a Middle East operator, we've delivered our Whipcheck technology, a significant advancement in casing departure validation. By integrating sensors into the whipstock milling assembly, customers can accurately validate the casing departure profiles.

We also announced our Fluid Loss Sleeve system release, which enhances our reentry fleet capabilities and enables customers to save valuable rig time by addressing loss circulation challenges.

Furthermore, our AlphaV single-trip cased-hole exit system, paired with the Accuview^® software, was successfully deployed in the North Sea for Equinor. This solution eliminates the need for a separate wellbore preparation run while enhancing operational efficiency through advanced remote monitoring capabilities.

Additionally, our Endura Dual String Section Mill was deployed for a major operator in the Middle East, reducing run time and improving operational efficiency. We've also introduced several cutting-edge technologies, such as the MultiCatch^™ anchor and GhostReamer^™, aimed at optimizing borehole conditioning and drilling operations for enhanced efficiency and effectiveness.

Notable Contracts

• Weatherford was awarded a five-year contract with Petróleo Brasileiro S.A. (“Petrobras”) in Brazil to provide Drill Pipe Riser (DPR) ultra deepwater offshore intervention systems and services. This new seven-system contract will commence operations in March 2025 and will replace a current six-system contract that began in November 2020.
• Weatherford has been awarded a three-year contract with bp Azerbaijan to provide deepwater intervention services.
• Kuwait Energy in Iraq has awarded Weatherford a two-year well testing services contract extension to provide services for sustained oil production in the Siba field.
• Chord Energy awarded Weatherford a one-year contract to provide reciprocating rod lift, long-stroke Rotaflex^®, and conventional pumping unit technology for its Bakken assets.
• Aramco awarded Weatherford a two-year contract extension for intervention services.
• PTTEP Thailand awarded Weatherford a four-year contract for the provision of fishing and well abandonment services for its offshore drilling operations.

Integrated Services & Projects (ISP)

Our integrated management teams operate as a cohesive, customer-focused project task force spanning the entire well lifecycle, from drilling and construction to production and abandonment. Through this approach, we optimize operations from start to finish, drawing on a comprehensive portfolio of technologies. By tailoring project delivery models, integrating services, and prioritizing customer-centric project management, we ensure impactful results that elevate the overall customer experience.

In 2023, we proudly introduced our Production and Intervention Solutions at the Intervention & Coiled Tubing Association (ICoTA) conference. This integrated solution empowers operators of aging assets to harness the combined power of traditional production enhancement methods and cutting-edge digitalized machine learning and data analytics. By adjusting operating philosophies towards enhanced production optimization in later well lifecycle phases, operators can achieve higher returns.

We collaborate closely with existing production specialists, employing a three-step approach to fully rejuvenate and optimize aging fields: first, restoring well productivity; then, extending asset life; and finally, ensuring sustainability through streamlined operations. This holistic process delivers maximized results, revitalizing production, prolonging asset lifespan, and promoting sustainable production practices.

Notable ISP Contracts

In previous years, we have won significant multi-year ISP contracts, and we continue to carry this momentum into the present. Some of our notable ISP contracts include:

• As part of a three-year contract from Aramco, Weatherford continues to deliver multiple services in a lump-sum turnkey project, with the possibility to extend for two years.
• Weatherford is continuing a five-year contract exceeding $500 million from Petroleum Development Oman to deliver integrated drilling services in the Marmul and Grater Saqar fields.

Digital

Digital transformation remains critical to our ability to deliver our customers' evolving needs and grow market competitiveness. Existing offerings via our Digital Solutions business include Production Automation & Software, Centro Drilling Software, ForeSite^® Flow measurement, and our internal Well Construction & Completion software tools.

In 2023, we launched ForeSite Regenerative Power-Management System, the energy industry’s first regenerative system for rod-lift systems that harnesses untapped energy by recycling otherwise wasted power and reducing emissions.

In 2023, we hosted our 19th annual digital conference, with industry representatives, technology partners, and Weatherford technical experts. This edition of the FWRD conference highlighted important subjects related to integrated workflows and implementing advanced control systems, through the use of artificial intelligence (AI) to enhance operational efficiency, approaches to reduce carbon emissions through digitalization, and how Weatherford's unique product offerings contribute to tackling these issues through the introduction of new technologies.

Our FWRD conference continues to focus on digitally enabled solutions including ForeSite Edge, Vero, Victus^™, the Centro drilling optimization software platform, and AccuView.

Notable Partnerships

• Signed a MoU with Honeywell to deliver a combined CygNet^™ SCADA and Honeywell Emissions Management suite for advanced emissions management to accelerate our customers’ decarbonization strategies.
• CeraPhi Energy and Weatherford entered into an exclusive collaboration agreement to provide an integrated package of products and services for geothermal energy development. Weatherford will offer its global expertise in data acquisition, digitalization, and automation services and CeraPhi will leverage its proven engineering and project management services to provide enhanced geothermal technology solutions to the market.

ESG Portfolio & The Energy Transition

In 2023, we released our second annual Sustainability Report, that details our strategic approach to advancing ESG objectives and highlights our progress and accomplishments. Sustainable operations have always been at the core of Weatherford's business model.

For more than two decades, we have delivered successful results in geothermal projects, including entering into a joint development agreement with Eavor, a revolutionary geothermal company, to develop whipstock and sidetrack technology for future projects to reduce overall well construction costs. This agreement bolsters Weatherford’s geothermal offering and builds on an existing contract to provide liner hanger systems, cementation products, and open-hole/cased-hole wireline services to support the first commercial Eavor-loop^™ in Germany.

To ensure a sustainable future in the energy transition as an energy services company, we execute the same value creation playbook using technology differentiation and innovation as we have in traditional oilfield services. We actively pursue new opportunities in CCUS and deliver Plug & Abandonment projects for customers in multiple geographies. We also remain excited about the potential for geothermal energy to be an essential renewable energy source to lower carbon emissions. As a responsible organization committed to our sustainability journey, we will continue to advance our ESG strategies to achieve our Net-Zero commitments and collaborate with our customers to support their energy transition ambitions.

Our Foundation

Safety, quality, and compliance are the foundation of our operations. By placing these three pillars at the forefront of our work, we continuously work towards improving the value our teams add and remain a trusted partner among our customer base.

Safety

Throughout 2023, we emphasized the significance of adhering to safety principles at all levels and stressed the importance of accountability, making it clear that every employee is responsible for safety. Acknowledging this commitment, customers globally recognized Weatherford operating teams for their outstanding commitment to health, safety, and the environment:

• In India, the Barmer ALS operations received a one-year LTI-free award.
• In Egypt, we were honored as the Best HSE Performance Service Company.
• Our team in Canada was awarded the Safest Employer in Oil and Gas award.
• Our Oman operations were recognized for their Environmental and Net-Zero Emissions best practices.
• The China Tianjin Base was awarded Excellent Performance in environment management from the local government.

To reinforce our commitment to safety, we empower every employee to practice and commit to using Stop Work Authority (SWA) if they identify potential hazards in the field or at the office. SWA is a last line of defense in risk management that should be utilized to adhere to our safety culture. We firmly believe in embedding safety into all our operations to ensure everyone returns home safely each and every day.

Quality

We recognize the significance of consistently providing high-quality products and services to our customers. Our commitment extends to investing in continuous training and ensuring the competence of our team members. We empower them with the necessary tools and resources for safe and efficient job execution. Through our Quality Pillars, including Supplier/Vendor Quality, Incident Management, Lean and Continuous Improvement, and Quality Management Systems and Audits, we instill a commitment to quality within our team, enabling them to deliver outstanding results and promptly address any issues that may arise.

As a service provider, Weatherford received awards for both elevated Service Quality and Safety Excellence in our Rigless Operations from Saudi Aramco for our 2023 performance with consistent ratings of Superior Performance across the Rig Efficiency index. In 2023, we retained an overall quality rating of 92% from PEMEX and bested all of our peers in Mexico in the month of December with a rating of 94%.

Compliance

Our commitment to ethics extends throughout every facet of our Company, from interactions with customers and partners to relationships with employees and stakeholders. We have a comprehensive suite of policies and programs designed to drive integrity throughout our operations. To learn more, visit the Who We Are section of this update.

We will continue to relentlessly pursue top safety performance and ensure that our team keeps safety, quality, and compliance at the foundation of our operations. We remain committed to ensuring that we operate with integrity, deliver quality products and services, and that everyone makes it home to their loved ones at the end of each day.