The Weatherford branch in the Russian Federation continues services and plans new contracts

MOSCOW, May 22 (Reuters) – According to Weatherford’s 2022 financial results, the Russian branch of one of the largest service companies, Weatherford International, continues to provide services and plans to conclude new contracts in Russia.

The company has contracts with major customers that provide a significant portion of revenue for 2023, and company management intends to continue to meet existing contractual obligations as well as enter into new customer deals, Weatherford said in the report.

In March 2022, Weatherford International announced that it was halting investment and technology deployment in Russia, but Weatherford management is confident that this will not affect its ability to continue as a going concern for the foreseeable future.

The Russian branch of the international service concern Weatherford intends to continue operating in the Russian Federation despite Western sanctions, the Kommersant daily reported on Monday.

In his Q1 report, Weatherford said he continued to monitor the situation in Russia and was working within sanctions limits.

Russia accounts for approximately 6% of Weatherford’s total revenue in Q1 2023.

Weatherford’s revenue in 2022 increased by 23.4% to 20.1 billion rubles.

Of the world’s largest oilfield service companies, Schlumberger, which still operates in the Russian Federation, Baker Hughes and Halliburton, which sold their Russian business to local management, also refused to invest in Russian projects. (Oksana Kobzeva)