BAAR, Switzerland, July 26, 2016 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) today announced that it has signed a Joint Initiative Agreement (JIA) with IBM (NYSE: IBM) to collaborate on the development of new products and services for oil and gas producers that leverage IBM advanced analytics and Internet of Things (IoT) capabilities on the IBM Cloud and further strengthen Weatherford's industry-leading production optimization technologies.
Through the joint initiative Weatherford and IBM will develop new analytics solutions, all available via IBM Cloud, that are based on Weatherford's extensive production optimization and engineering software platform, its supervisory control and data acquisition (SCADA), and its sensors and controllers.
The jointly-developed solutions will be part of the Company's new Reservoir Solutions global business unit, which was launched in early 2016 and is dedicated to providing integrated offerings that help its clients lower their operating costs and increase production.
"As part of our commitment to helping operators get more out of their assets, Weatherford is expanding on our existing, industry-leading offerings with world-class analytics software and IoT infrastructure," said Oscar Rivera, Vice President of Reservoir Solutions. "This unprecedented stack of integrated technologies has the potential to revolutionize production optimization and places Weatherford in the best position to address the challenges oil and gas producers face."
"As oil and gas producers look for more cost-effective solutions, there is an increasing need for more advanced analytics that enable better decision making," said John Brantley, Global General Manager for the Chemicals and Petroleum Industries, IBM. "The combination of Weatherford's engineering software and IBM's data analytics software in IBM's cloud will enable the next evolution of production optimization."
About Weatherford Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 100 countries and has a network of approximately 1,000 locations, including manufacturing, service, research and development, and training facilities and employs approximately 32,000 people. For more information, visit www.weatherford.com and connect with Weatherford on Facebook, LinkedIn, Twitter and YouTube.
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