Weatherford Secures Offshore Brazil Drilling & Subsea Contracts
WFRD has more than doubled off its 52-week low of $42.58.
Summary
Weatherford International has secured new contracts for managed pressure drilling and subsea intervention services with Constellation Oil Services for operations in offshore Brazil. This announcement follows closely on yesterday's news of Weatherford being awarded a significant multi-region managed pressure drilling and global aftermarket agreement. While both relate to drilling services, today's news provides specific details regarding a client (Constellation Oil Services), a key region (Offshore Brazil), and includes "Subsea Intervention" services, suggesting a distinct or highly specific and material component of recent business wins. These contracts are a positive development, reinforcing Weatherford's market position and revenue prospects in a critical offshore energy market. Investors will be keen for further financial details on these awards.
At the time of this announcement, WFRD was trading at $110.00 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $7.8B. The 52-week trading range was $42.58 to $112.31. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.