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Weatherford International News

07 Feb 2023

TDI Names Walker Director of Lab Operations

Paul Walker (Photo: TDI-Brooks International, Inc.)

TDI-Brooks International, Inc. announced it has appointed Paul Walker as its director of laboratory operations, tasked with leading the company's geotechnical, geochemical and environmental labs.Walker began his career at Humble Geochemical where he was tasked with method development, instrument maintenance, and general lab and project management. He then joined Baseline Resolution where he continued developing and optimizing specialized pyrolysis and hydrocarbon separation methods for onshore and offshore petroleum systems.

28 Nov 2022

Chevron Can Resume Key Role in Venezuela's Oil Output, Exports

© Vallehr / Adobe Stock

Chevron Corp on Saturday received a U.S. license allowing the second-largest U.S. oil company to expand its production in Venezuela and bring the South American country's crude oil to the United States.The decision grants broader rights for the last big U.S. oil company still operating in U.S.-sanctioned Venezuela. However, it restricts any cash payments to Venezuela, which could reduce the oil available to export.License terms are designed to prevent state-run oil firm Petróleos de Venezuela, known as PDVSA PDVSA.UL, from receiving proceeds from Chevron's petroleum sales, U.S. officials said.

03 Oct 2022

AkzoNobel Names Ex-Weatherford Man as Americas Marine Regional Commercial Director

Michael Stulberg is AkzoNobel's new Americas Regional Commercial Director, for marine and protective coatings. - Credit: AkzoNobel (cropped)

Coatings manufacturer AkzoNobel has appointed Michael Stulberg As New Regional Commercial Director For Marine And Protective Coatings Americas.According to the company, Stulberg brings to the role extensive expertise across sales and product management for both US and international markets as a result of 25 years in the oil and gas industry.Most recently Director Of Sales at Weatherford International, he was responsible for business growth, driving top-level profitability, sales…

02 Nov 2021

Standard Drilling Sells Stake in VLCC Gustavia S

Norwegian investment company Standard Drilling said Tuesday it had sold its 33.3% ownership in the VLCC Gustavia S, following the updated company strategy. Standard Drilling, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, in January 2020 entered the tanker market by acquiring a 33.3% ownership in the newly built Gustavia S VLCC.Now, the company has sold its stake in the 300 000 TDW ECO Design Crude Oil Tanker built by Daewoo Shipbuilding & Marine Engineering Co and fitted with scrubber technology delivered by Wärtsila. The transaction values the vessel at USD 93 million, where Standard…

29 Aug 2019

Weatherford Signs Liner-Hanger Frame Deal with Equinor

The multinational oil and natural gas service company Weatherford International announced it has signed an $80 million liner-hanger frame agreement with Norwegian oil and gas company Equinor.The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford, said the Irish-domiciled company.Mark Hopmann, President of Completions for Weatherford said, “Weatherford is the market leader for liner-hanger technology across the North Sea. Guided by a principle of flawless execution, we deploy our liner hangers for reduced operating expenses and superior performance reliability.”Originally developed for the North Sea, Weatherford liner-hanger systems offer durability in routine and quality-critical applications throughout the world.

13 May 2019

Weatherford to File for Bankruptcy

Irish-domiciled multinational oil and natural gas service company Weatherford International has entered into an agreement with its top creditors that will allow the company to file for a "prepackaged" Chapter 11 bankruptcy - after more than four years without making a profit.Weatherford expects to implement the Restructuring Agreement through a "pre-packaged" Chapter 11 process and expects to file U.S. chapter 11 and Irish examinership proceedings. As part of this process, Weatherford intends to continue engaging in discussions with, and begin soliciting votes from, its creditors in connection with a proposed Plan of Reorganization prior…

17 Jul 2016

PDVSA seeks to Securitize Oil Services Debts

Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA, which is struggling because of low oil prices and a decaying socialist economy. Del Pino last month said PDVSA signed financing agreements with Weatherford International Plc and Halliburton Co and was close to a deal that would allow Schlumberger to boost its presence in the OPEC nation. "We trade commercial debt for financial debt…

28 May 2015

Offshore O&G: Weathering the Storm

Courtesy Fleet Operators

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are being stacked or idled as the rig count there declines. Oil companies are retrenching while crude prices remain weak, with smaller operators and the shallow-water sector scaling back the most. As the situation unfolds, MarineNews asked David Barousse, general manager at Fleet Operators, Inc., a marine transportation firm in Morgan City, La., for his take on today’s predicament and what the future holds.

16 Nov 2014

Merger Talks Feed Energy Sector Deal Speculation

Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said. In any deal, the incentives will be the same: consolidation would allow them to better weather the downturn and resist pressure from oil producers to slash prices. The Baker Hughes/Halliburton talks have stalled after the companies weren't able to agree on issues including price, people familiar with the matter said Friday. As oil prices fall, oil field service companies get squeezed, one industry lawyer said.

26 May 2014

PDVSA To Use Rosneft Cash For Orinoco Development

Venezuela's state-run oil firm PDVSA said on Saturday a $2 billion pre-payment from Russian oil producer Rosneft will be destined in part to develop its coveted Orinoco belt. State-run Rosneft earlier on Saturday announced a flurry of deals including a long-term contract with PDVSA for 1.6 million tonnes of oil and 7.5 million tonnes of oil products within five years. Venezuela is struggling with stagnant oil and natural gas production, and has its sights set on the vast southern Orinoco belt as a way to boost production. "We're focusing all our technological capacity to develop this oil province which will give us 150 years of production at a rate of 6 million barrels per day, (as per) our aim for 2019," PDVSA President and Energy Minister Rafael Ramirez said in a statement.

21 May 2014

PDVSA gets $2B Credit Line

Venezuelan state oil company PDVSA on Wednesday said it had been granted a total of $2 billion in credit lines by oilfield services companies Halliburton Co, Schlumberger NV and Weatherford International Ltd. "What we have signed is for the companies to increase activities in our country, in some cases doubling them," PDVSA President and Energy Minister Rafael Ramirez said at a ceremony in the western city of Maracaibo. By giving credit lines to PDVSA, the companies will be able to increase their service contracts with OPEC member Venezuela. The deal may allow PDVSA, whose cash-flow problems are well known, to postpone payments of accumulated debts to its main service providers.

17 Jun 2013

Proserv CEO Named Scottish Entrepreneur of the Year

Jim Bishop and David Lamont

The chief executive of energy services company Proserv has been named Ernst & Young Scotland Entrepreneur of the Year 2013. Judges praised David Lamont for molding “a phenomenal business of a truly global nature” in overseeing a 25% year-on-year growth during his two years at the company which operates from 30 sites across the globe. A panel of experts picked Mr. Lamont ahead of 28 other business leaders and he will now go forward to represent Scotland at the UK Entrepreneur of the Year final in October.

18 Sep 2012

Greene's Energy Group Names New Manager

Doyle Boutwell

Greene's Energy Group Names Boutwell Manager, Technology and Business Development -Rental & Products. Greene’s Energy Group (GEG), a provider of integrated testing, rentals and specialty services, has named Doyle Boutwell as Manager, Technology and Business Development – Rental & Products, announced Frank Mathews, President – Rental & Products. Based in Houston, Boutwell will be responsible for the management of strategic and ongoing product development, emerging technologies and related business integration. Additionally, he will assist various business units with project management.

01 Aug 2012

GAC Bunker Fuels Strengthens HQ Team

GAC Bunker Fuels Limited has appointed two new UAE-based bunker traders as part of its regional expansion plan. Georgia Paravalou will trade and broker marine fuels in her new role. An economics and management graduate, she joins GAC Bunker Fuels from AP&A. Ltd, where she worked as a shipbroker, coordinated the marketing department and developed business in the UK and South China. Anthony Inglis is charged with expanding GAC's bunker business in the Middle East and developing bunkering operations in Sub-Saharan Africa. He joined GAC Bunker Fuels from Weatherford International, where he served as a Procurement and Logistics Co-ordinator for the same market. says Nicholas Browne, Global Director of GAC Bunker Fuels.

01 Aug 2012

UAE Bunker Traders Appointed by GAC Bunker Fuels

GAC Bunker Fuels has appointed two new UAE-based bunker traders as part of its regional expansion plan. Georgia Paravalou will trade and broker marine fuels in her new role. Aneconomics and management graduate, she joins GAC Bunker Fuels from AP&A. Ltd, where she worked as a shipbroker, coordinated the marketing department and developed business in the UK and South China. Anthony Inglis is charged with expanding GAC's bunker business in the Middle East and developing bunkering operations in Sub-Saharan Africa. joined GAC Bunker Fuels from Weatherford International, where he served as a Procurement and Logistics Co-ordinator for the same market. "We are delighted to welcome Georgia and Anthony to GAC Bunker Fuels," says Nicholas Browne, Global Director of GAC Bunker Fuels.

04 Oct 2011

Tendeka Announces Two Key Promotions

Gillian King, SPE, vice president Asia Pacific region

Tendeka, the provider of completions and reservoir monitoring products and services to the upstream oil and gas industry, is delighted to announce the promotions of two key personnel. Gillian King, SPE, has been appointed vice president Asia Pacific region and Derren Simpson, SPE, has been appointed vice president Middle East and North Africa. Gillian joined Tendeka as senior sales engineer in January 2007. She then progressed to regional sales manager Europe before becoming area manager for Asia Pacific (South) in 2010.

04 May 2010

Deep Down to Acquire Cuming Corp.

Deep Down, Inc. (OTC Bulletin Board: DPDW), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, announced entry into a conditional purchase agreement to acquire Cuming Corporation. Privately-held Cuming Corporation was founded in 1980 and is a manufacturer of buoyancy and insulation products with a range of deepwater oil & gas industry applications. Cuming's operations are complementary with those of Deep Down's Flotation Technologies subsidiary, which produces syntactic foam products for customers in the oil and gas, defense, scientific and industrial sectors.

20 Feb 2001

Marcon Announces Sale of 175-ft. Diving and Maintenance Vessel

Marcon International, Inc. of Coupeville, Wash. reported that the Estates of TransCoastal Marine Services of Houston, Texas have sold the 4-point mooring vessel Sea Level 21 to Professional Divers, Inc. of New Orleans, La. The 175- x 38-ft., ABS-classed former supply boat was originally built in 1980 by Universal Iron Works and was converted several years ago to support hydrostatic pipe testing and commissioning, jetting, diving, and coring service. Professional Divers has renamed her 4 Point Pony, and with assistance from Bollinger's Lockport shipyard, are refurbishing the vessel and expect to have her ready for service by early March.

03 Aug 2005

Hornbeck Offshore Announces Expansion of Its Board

Hornbeck Offshore Services, Inc. announced that it has expanded the size of its Board of Directors from seven to eight members. Steven W. Krablin has been elected to fill the newly created position and will serve as a Class II director. Class II directors will be up for re-election at the Company's 2006 Annual Meeting of Stockholders. Mr. Krablin meets the independence and financial expertise requirements of the New York Stock Exchange and has been appointed to serve on the Company's Audit and Compensation Committees. From January 1996 until April 2005, Mr. Krablin served as the Senior Vice President and Chief Financial Officer of National Oilwell, Inc.

24 Apr 2006

Aker Kvaerner Subsea Tech wins Award

Officials with the 2006 Offshore Technology Conference (OTC) have selected Aker Kvaerner's Multibooster subsea boosting technology to win an OTC.06 Spotlight on New Technology Award. The award showcases advanced technologies for the offshore oil and gas industry. Companies exhibiting at this year's OTC submitted entries detailing why their innovative technology should be in the spotlight at OTC. Aker Kvaerner's MultiBooster subsea multiphase pump system increases oil recovery and enables longer step-out distances between subsea assets and host facilities by adding energy to the wellstream which allows for a lower well-head pressure and increased production rates.

23 Apr 2001

Tesco Sells High-Tech Drilling Assets

Canadian oil service firm Tesco Corp. sold its new-technology drilling services division to Houston-based Weatherford International Inc. for $33 million. Tesco officials said the company sold its specialized underbalanced drilling assets to the major U.S. oil field firm so it could focus on its main businesses, which include its top-drive equipment used to power drilling rigs and casing drilling technology, which speeds up the drilling of oil and gas wells. With underbalanced technology, the pressure of the drilling fluid is kept below the pressure in the oil or gas reservoir to aid the flow of the hydrocarbons to the surface. Weatherford said the assets dealt include eight drilling units, plus nitrogen-generating and pressure-control units as well as other equipment.