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In 1972, the separate company of Energy Ventures, Inc. was founded as an offshore gas and oil exploration and production company.In 1987, Energy Ventures was liquidated and re-established and by 1990, had acquired Grant Oil Country Tubular Company.
In 1991, Weatherford acquired Petroleum Equipment Tools Company (PETCO). Weatherford and HOMCO later merged operations to create Weatherford Services, the largest oil fishing/rental company
in the world. In 1995, Weatherford merged with Enterra, becoming Weatherford Enterra Inc.
In May 1998 Energy Ventures, since renamed EVI, Inc. and Weatherford Enterra, Inc. merged, creating the current company now known as Weatherford. In the next two years,
Weatherford added a number of well-organized brands to its expertise, including Dailey, Orwell, Energy Rentals, Whiting, Williams, BBL and ECD Northwest. Weatherford also created
a stronger completion competence with the addition of well-known brands in the sector such as Petroline, Cardium, Nodeco, McAllister, Johnson Screens, Houston Well Screens, Arrow, and CIDRA.
In 2005, Weatherford acquired Precision Drilling Corporation’s Precision Energy Services and International Contract Drilling divisions.
In 2008, the company announced that it was shifting its place of incorporation from Bermuda to Switzerland. That same year, Weatherford completed its acquisition of V-Tech International,
a pioneer in the development of mechanical power tong systems in the North Sea to improve rig safety.
Company focus
As an oil and natural gas drilling services company, Weatherford produces a variety of products and services for the oil and gas industry. These include drilling services, electronic well
measurement and monitoring, completion, production, and evaluation products and services. In particular, the company has developed directional drilling services that can extend through
miles of bedrock with great precision, and tubular running services that are used on almost half of the world’s deepwater drilling projects. The company has more sand screen systems installed
worldwide than any other company, and production optimization systems in more than 100,000 wells around the world. Additionally, Weatherford is the industry’s only provider of all forms of
artificial lift. Weatherford also offers intervention, completion, and decommissioning services for well owners, in addition to pipeline precommissioning, commissioning operations, and one of
the world's most diverse fleets of inline inspection tools.
