Weatherford confirms $80M line-hanger deal with Equinor
- Business & Finance
U.S. oilfield services player Weatherford has said it has signed an $80 million liner-hanger frame agreement with Norway’s Equinor.
A liner hanger is a device used to attach or hang liners from the internal wall of a previous casing string.
“The four-year deal represents the largest liner-hanger frame agreement ever signed by Weatherford,” Weatherford said last week.
Worth noting, Equinor back in May announced it had awarded drilling services contracts worth NOK 2.5 billion ($286.7 million) in total to the oilfield services behemoths Schlumberger, Halliburton, Baker Hughes, and Weatherford, among others.
It was not immediately obvious if what Weatherford announced last week is actually the same agreement announced by Equinor in May. An Equinor spokesperson confirmed to Offshore Energy Today that this indeed is the same agreement. It is not clear why Weatherford waited this long with the announcement.
Debt-burdened Weatherford recently filed for Chapter 11 bankruptcy protection. Weatherford in August said it would continue operations in the ordinary course without disruption to customers, vendors, partners, or employees, following the completion of “a successful “second day” hearing in the U.S. Bankruptcy Court for the Southern District of Texas. ”
“The Court’s approvals at this hearing, coupled with the prior final approvals for the Company’s customer programs, cash management system, insurance, and other ordinary course operations at the first day hearing, will allow Weatherford to continue to operate in the ordinary course during the pendency of the cases,” Weatherford said early in August, 2019.
Offshore Energy Today Staff
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