Weatherford International Press Release
WEATHERFORD AND CURTRAN SIGN LONG-TERM CONTRACT FOR NEW LITEWIRE™ NANOTECHNOLOGY
Weatherford Gains Exclusivity of Nanotube Wire and Cable Products in the Oil and Gas Industry
HOUSTON – April 08, 2014 – Weatherford International Ltd. today announced that it has entered into an agreement with CurTran LLC to use, sell, and distribute LiteWire, the first commercial scale production of a carbon nanotube technology in wire and cable form.
“With LiteWire products, we gain exclusivity to a revolutionary technology that will greatly add value to our business,” said Dharmesh Mehta, chief operating officer for Weatherford. “The use of LiteWire products allows us to provide safer, faster, and more economic solutions for our customers.”
In addition to using LiteWire in its global operations, Weatherford will be the exclusive distributor of this product in the oil and gas industry.
“Weatherford is an ideal first customer for LiteWire because the oil and gas industry is the most demanding arena for any cable product,” said Gary Rome, chief executive officer and president of CurTran. “It is a long-term contract with a forecasted average value of more than $350 million per year.”
CurTran manufactures LiteWire, carbon nanotube conductors in wire form that are now becoming available to the commercial market for the first time. LiteWire can be utilized anywhere a metallic conductor is used, and in places where metals cannot go.
“There hasn’t been any real innovation to replace copper wire in the last hundred years until now,” added Rome. “LiteWire is a sustainable, lighter and stronger technology that combines the electrical and mechanical aspects of wire and cable into one product.”
Weatherford is one of the largest multinational oilfield services companies. Weatherford’s product and service portfolio spans the life cycle of the well, and includes capability in drilling and formation evaluation, well construction, completion and production. The Company provides innovative solutions, technology and services to the oil and gas industry, and operates in over 100 countries. For more information, please visit www.weatherford.com.
CurTran manufactures LiteWire, carbon nanotube wire conductors. The company started in 2011 through a strategic relationship with NanoRidge Materials, Inc. and Professor Enrique Barrera research group at Rice University. With headquarters in Houston, Texas, the company is providing the world with a sustainable, improved technology to directly replace copper and other metallic wires. To learn more about this exciting new technology, please visit www.curtran.com
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will,” “intend,” “expect,” “forecast” and similar expressions are intended to identify forward looking statements. These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond Weatherford’s control. Actual results and benefits may differ from any results expected or implied by such statements.
Weatherford undertakes no obligation to correct, update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.
Weatherford Media Contact:
Kelley Hughes, Corporate Communications Manager