Monday, Weatherford International Ltd. (WFT), announced the acquisition of International Logging Inc., an oilfield mudlogging services company based in Houston, Texas. Financial terms of the deal were not disclosed.
Weatherford International, also based in Houston, is a provider of equipment and services used for the drilling and evaluation of oil and natural gas wells worldwide. The acquisition of International Logging would enable the company to add a new service of technologies to its portfolio.
International Logging's advanced GCTracer system enables more cost effective decisions on wireline logging, completion and production programs, said the company. Weatherford plans to link this service to a number of existing drilling and production related services that it currently offers.
Weatherford also hopes to benefit from International Logging's newly designed electronic drilling recorder for unmanned monitoring of drilling data.
WFT is currently trading at $36.44, down 0.30%, on an average volume of 9,457,150 shares on the New York Stock Exchange.
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