$80MM Equinor Deal Goes to Weatherfo...

Weatherford International plc reported Thursday that it has signed an $80 million liner-hanger frame agreement with Equinor ASA. Moreover, the oilfield services firm stated the deal is the largest such agreement in company history.

"Weatherford is the market leader for liner-hanger technology across the North Sea," Mark Hopmann, president of Weatherford’s Completions unit, said in written statement. "Guided by a principle of flawless execution, we deploy our liner hangers for reduced operating expenses and superior performance reliability."

According to Weatherford, the company originally developed liner-hanging systems for deployment in the North Sea. The firm explained the technology reduces the length of the last liner set in a well by several hundred meters, adding that it has been been applied in harsh environments such as ultra-deep, high-angle and extended-reach wellbores.

"Rather than extending a single casing string to the top of the wellbore, the technology enables suspending the liner below the ground," Weatherford stated. "The savings are substantial versus a conventional casing run, especially considering the associated time and costs for cementing."