Weatherford (WFRD) Wins $147 Million Petrobras Contract for Tubular Running Services in Brazil

Weatherford International plc (NASDAQ:WFRD) ranks among the best cheap rising stocks to invest in now. Weatherford International plc (NASDAQ:WFRD) announced on September 16 that it had signed a $147 million, three-year contract with Petróleo Brasileiro S.A. (Petrobras) to supply tubular running services in Brazil.

Awarded after an open tender process, the contract will deploy a number of Weatherford technologies, including the Vero auto make-up and evaluation system, Multi Slip System, and the Flush Joint Elevator.

With features like being capable of running mixed casing strings without changing slips and removing the requirement for lift plugs in tubular handling, these technologies are intended to improve the safety and efficiency drilling operations.

Weatherford International plc (NASDAQ:WFRD) offers services and equipment to the natural gas and oil exploration and production industries. The company operates in three segments: Drilling and Evaluation (DRE), Well Construction and Completion (WCC), and Production and Intervention (PRI).

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Disclosure: None. This article is originally published at Insider Monkey.