May 7, Weatherford International announced a Memorandum of Understanding (MoU) with Valiant Artificial Lift Solutions to jointly commercialise, market and service electrical submersible pumps (ESPs).
The MoU will accelerate commercialisation of the Weatherford ESP. The pumps are optimised for a wide range of applications and are designed for durable, reliable and efficient productivity in harsh, abrasive, corrosive and otherwise challenging environments.
Among the objectives of the MoU is the creation of market-expansion opportunities for both companies. For Weatherford, the addition of the ESP enhances the company’s portfolio of products and services for all forms of artificial lift. For Valiant Artificial Lift Solutions, the alliance will enhance its global reach.
Both companies will retain their respective current markets. The MoU details target markets for Weatherford as well as joint markets in which the companies will pursue business opportunities together.
Kyle Chapman, president of production at Weatherford said in a statement: “This alliance meshes well with our strategy to capture share in key markets and strengthens our global leadership for life-of-well production solutions.”
“This project is a great opportunity to expand our services to the global production community,” said Gareth Ford, founder, CEO and president of Valiant Artificial Lift Solutions. “We are pleased with the results of this collaboration and believe it will drive stakeholder value for Valiant, Weatherford and our collective customers.”
Weatherford operates in over ninety countries and has a network of approximately 780 locations, including manufacturing, service, research and development, and training facilities and employs approximately 28,700 people.
Valiant is an independent provider of artificial lift solutions. The company offers life cycle capabilities to maximise asset recovery. The company’s portfolio of products includes solutions to increase and maintain reliable production in challenging conditions. Valiant’s global headquarters is located in Oklahoma, US.