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Weatherford signs 5-year supply agreement with Saudi Aramco

Oilfield service provider Weatherford International PLC signed a five-year corporate procurement agreement to deliver certain equipment to state-owned oil giant Saudi Arabian Oil Co., or Saudi Aramco.

The agreement covers cementation, completions, liners, solid expandables and casing exit technologies, according to a Sept. 17 news release.

The agreement also "sets the stage for future collaboration" and the deployment of Weatherford's technology in Saudi Arabia is expected to save rig time and associated costs, according to Weatherford's Vice President for Saudi Arabia Jim Hollingsworth.

The future collaboration will have the two firms working together to develop oilfield technologies that can drive down costs while maximizing production.

Financial details were not disclosed.