Weatherford International plc (NASDAQ: WFRD) announced on Thursday a major deepwater integrated completions contract from Esso Exploration & Production Nigeria Ltd., an ExxonMobil affiliate, for operations offshore Nigeria. The deal strengthens Weatherford's position in the West African market and highlights the oil industry's sustained investment in complex, high-cost offshore resources.
"This contract reflects our ability to deliver integrated completions solutions for deepwater operations," Girish Saligram, Weatherford’s President and Chief Executive Officer, said. "We will provide technologies designed to support well integrity, reliability, and efficient execution in complex offshore environments.”
The contract covers integrated upper and lower completions solutions for multiple deepwater wells. While financial terms were not disclosed, the scope focuses on long-term well integrity and operational efficiency. The award comes as ExxonMobil simultaneously rationalizes its exploration portfolio, withdrawing from a challenging offshore block west of Crete due to poor geological prospects and high costs, according to reports.
The dual moves by ExxonMobil—investing in promising Nigerian deepwater assets while exiting speculative Greek acreage—illustrate a broader industry trend: a disciplined capital allocation focused on proven basins. For Weatherford, the contract provides a stable revenue stream and reinforces its expertise in the lucrative deepwater services sector, a key battleground for energy service giants. The equipment will be prepared via Weatherford’s global supply chain and supported locally in Nigeria.
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