The Energy Of Innovation

We had an exceptional year driving value through technological innovation across our product and service portfolio, delivering unique solutions to the industry. Investments in offerings and capabilities enhancements strengthened our ability to improve operational efficiencies, build stronger customer relationships, and reinforce our performance-driven culture.

Product and Service Portfolio

Our strategy reflects customer operating and investment priorities, delivering tailored products and services in both traditional oil and gas and new energy sectors. This strategy has cultivated better collaboration with customers, optimized operational processes, and aligned our investment decisions with key growth opportunities.

Across our three segments—Drilling and Evaluation (DRE), Well Construction and Completions (WCC), and Production and Intervention (PRI)—we consistently deliver technology excellence and differentiation. Additionally, we have leveraged our strengths to provide best-in-class Integrated Services and Projects (ISP), allowing customers to streamline operations and execute the right services through a comprehensive portfolio of technologies.

Drilling and Evaluation (DRE)

Using a suite of technologies that include Drilling Services, Drilling Fluids (DF), Managed Pressure Drilling (MPD), Wireline, and Interpretation and 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 understand our customers’ challenges and constantly seek new ways to drive maximum value and streamline operations. This year, we acquired two companies that broaden our wireline portfolio and empower our customers to optimize reservoir performance and guide life-of-well decisions. By integrating the technology and expertise from Impact Selector International and Probe with the thirty years of innovation established by our trusted wireline experts, we now feature a complete portfolio of wireline technologies for openhole and cased-hole formation evaluation, well integrity, production analysis, perforating systems, and conveyance.

Notable DRE Highlights

• We deployed our Victus^™ Intelligent MPD solution for offshore Saudi Aramco
• Petroleum Development Oman (PDO) awarded a five-year contract for MPD following successful technology trials over the past year, representing another proof point of the increasing market adoption of MPD
• Bapco Upstream awarded a five-year contract to deliver Directional Drilling and Logging While Drilling Services in Bahrain
• In Kuwait, we deployed Victus Intelligent MPD for deep well drilling and cementing for KOC  
• PTTEP awarded a multi-year contract for Wireline services in Thailand
• OMV Petrom awarded a two-year contract for openhole and cased-hole logging services in Romania

Well Construction and Completions (WCC)

Our WCC segment leverages field-proven innovations that improve operational integrity, cost savings, and bottom-line results. The primary technologies and services—Completions, Cementing, Liner Systems, and Tubular Running—deliver comprehensive oilfield operations that connect the reservoir to the surface efficiently, providing operational flexibility, monitoring, and control.

Technology Highlights

A highlight of the year was the MARS^™ Mature Asset Rejuvenation by Surveillance System. This comprehensive, all-in-one solution extends production life through real-time, reservoir-data management and provides proactive remediation strategies for rigless intervention at any operational stage. For mature wells, the Reclaim^™ Thru-Tubing Plug and Abandonment Solution delivers a revolutionary well-cessation system that enables long-term barrier performance via fast and reliable plug and abandonment operations without the need for high-horsepower rigs or complex completion-retrievals.

Notable WCC Highlights

• Aramco awarded a three-year corporate procurement agreement, including Cementation Products, Completions, Liner Hangers, and Whipstocks, as well as associated service agreements
• ADNOC awarded Weatherford a three-year contract for the provision of rigless services as part of the reactivation of its onshore strings
• Equinor awarded a two-year frame agreement extension for delivery of Completions, Liner Hangers, and Slot-Recovery Services
• ENI awarded three multi-year contracts for TRS for onshore, offshore and Carbon Capture and Storage projects
• OMV Petrom awarded a contract for Openhole Zonal Isolation Equipment and related services for the Neptun Deep subsea development in the Romanian Black Sea
• Shell awarded a three-year contract to provide Well Completions and other related specialized services in onshore Nigeria

Production and Intervention (PRI)

The PRI segment provides powerful technologies to optimize asset profitability and operational efficiency by leveraging industry-leading expertise in designing, engineering, and delivering comprehensive production systems and effective intervention solutions for enhanced production and responsible plug and abandonment. Offerings include Intervention Services and Drilling Tools (ISDT), Artificial Lift Solutions (ALS), Sub-Sea Intervention (SSI), and Pressure-Pumping Services (PPS) in select international markets—each is customized to meet unique reservoir requirements and powerfully enabled through machine-learning automations for ideal asset optimization and payzone profitability.

Technology Highlights

The Weatherford AlphaV^™ Single-Trip Casing-Exit System offers reliable sidetracking for both onshore and offshore wells that require a full-bore exit, whether through single or multiple strings. By integrating a gauge mill and scraper assembly, AlphaV eliminates wellbore preparation runs and improves trip speed during cased-hole re-entry operations. For the first time, a whipstock system is available that does not use a shear bolt to release the milling assembly, thanks to the patented hydraulic mill-release (HMR) system. This innovation reduces the risk of premature shearing while running in hole and doubles trip speed.

Notable PRI Highlights

• Using a combination of proprietary technologies from Weatherford and the recently acquired Ardyne portfolio, we successfully completed a slot recovery operation for Equinor, delivering rig time savings through improved operational efficiency
• Chevron awarded Weatherford a five-year contract to provide Gas Lift services in Angola
• bp awarded a two-year contract for multilateral installations and associated services for offshore operations in Azerbaijan
• JVGAS awarded a two-year contract for the supply of Fishing and Casing exiting in Algeria

Integrated Services and 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.

We have won significant multi-year ISP contracts and continue to build momentum by delivering multiple services in a lump-sum turnkey project with Aramco, as well as delivering integrated drilling services in the Marmul and Grater Saqar fields with PDO.

Notable ISP Highlights

• Anglo American awarded Weatherford a contract to deliver a fully integrated drilling solution to deliver multiple sidetracks to evaluate the ore body of the Polyhalite, a low carbon intensity fertilizer
• A major European energy infrastructure company awarded one-year contract to provide integrated Plug and Abandonment services for offshore wells on an underground gas storage project
• A major operator in the Gulf of Mexico awarded a three-year services contract to deliver Plug and Abandonment activities utilizing our heavy-duty Pulling and Jacking Unit and multiple service lines

Digital

Digital transformation remains crucial to our ability to deliver our customers' evolving needs and grow market competitiveness. Existing offerings via our Digital Solutions business include production automation and software such as CENTRO^™ Well Construction Optimization Platform, ForeSite^® Flow, ForeSite^® Production Optimization Platform, along with our internal WCC software tools.

In 2024, Weatherford announced the acquisition of Datagration Solutions to develop an advanced solution for surveillance, optimization, and decision-making. This strategic acquisition enhances digital enablement across the enterprise, creating operational efficiencies. It also facilitates the integration of diverse emissions data to improve emissions tracking, reporting, and overall sustainability management, ultimately delivering enhanced value to customers.

Notable Digital Highlights

• Khalda awarded a three-year contract to deploy 300 wells in Egypt using CygNet^® SCADA and ForeSite platform
• KOC awarded a one-year contract to provide and operate two onshore Real-Time Drilling Decision Centers
• Perenco deployed Weatherford's ForeSite^® Sense optical monitoring system to oversee injectivity testing performance for the Poseidon carbon capture and storage project, the UK's first well to inject CO₂ underground

Driving Industry Innovation

This year, we hosted our 20th annual FWRD technology conference, with two keynote sessions, 10 customer panelists, 54 interactive breakout presentations, and multiple technology highlights. This edition of the FWRD conference explored important topics related to improving efficiency, reliability, and optimization in Drilling and Evaluation, digital enablement to further Well Construction and enable asset rejuvenation, integrated production operations for uptime and improved performance, and technologies to mitigate red-zone exposure and improve operating efficiencies.

Among the notable technologies were CENTRO, strengthened this past year with ISO 27001 Cybersecurity Certification; ForeSite^® Edge 2.0 IoT-enabled automation, enhanced with the centralized device management and the flexibility of both Microsoft and Linux operating systems—allowing users to choose the right secure system for their operations while reducing their carbon footprint; and the full launch of ForeSite^® Power Regenerative System, the energy industry’s first regenerative system for rod-lift systems that harnesses untapped energy, recycles otherwise wasted power, and reduces emissions.

Additionally, at OTC Asia, our innovative StringGuard^™ Spider Load-Transfer Indicator technology was honored with the Spotlight on New Technology^® Award, highlighting its significant impact. As a cornerstone of our industry-first tubular running insurance policy, StringGuard plays a vital role in safeguarding investments and ensuring the long-term integrity of wells, contributing to enhanced operational efficiency and sustainability.

Enterprise Innovation

In 2024, we completed the implementation of the cloud-based Oracle Human Capital Management system, a significant investment into a modern platform for the benefit of our employees, our data, and our talent management. This system built cohesive processes across our global network of applications, which continues to be refined as the software capabilities continue to grow with our Company.

We continued to leverage Artificial Intelligence to improve productivity and streamline products. Our Information Technology teams brought an AI translation tool online within the Weatherford environment in early 2024 that took an expensive weeks-long task down to a matter of seconds. AI was also implemented into cumbersome documents and guides to scan the documents and answer questions with a summary along with a quick reference to the location of the topic within the documents.