Weatherford International plc has announced a definitive agreement to acquire NCS Multistage Holdings, Inc., a leading provider of highly engineered products and services for oil and natural gas well completions and field development. Under the terms of the agreement, NCS Multistage stockholders may elect to receive either 0.554 shares of Weatherford common stock or a combination of stock and cash, with the blended equivalent expected to be 0.463 shares of Weatherford common stock per NCS Multistage share, with up to 19.99% payable in cash.
The transaction has been approved by the boards of both companies and is expected to close in the second half of 2026, subject to regulatory approvals. Annual cost synergies of at least $15 million are expected to be realized within 18 months of closing, with the deal expected to be immediately accretive to adjusted free cash flow per share.
NCS Multistage brings a complementary technology portfolio focused on optimizing well completions and field development strategies, with solutions designed to enhance reliability and performance in complex well environments across onshore and offshore wells. The company operates primarily in North American unconventional formations and select international markets including the North Sea, the Middle East, and Argentina. The acquisition deepens Weatherford’s capabilities in the unconventional resource space and expands its offerings across the full completion lifecycle — from well design through production optimization and late-life interventions — while providing a platform to bring NCS Multistage’s technology to Weatherford’s broader global customer base across six continents.
The transaction was also approved by NCS Multistage’s controlling stockholder, which owns more than 50% of the company’s outstanding common stock. King & Spalding is acting as legal counsel to Weatherford, with Baker Botts serving as legal counsel to NCS Multistage, and Piper Sandler serving as financial advisor to NCS Multistage. Until closing, both companies will continue to operate as separate, independent entities.
Weatherford is a global energy services company delivering solutions across drilling, well completion, and production optimization for customers across six continents, with a portfolio spanning advanced engineering, digital intelligence, and field expertise.
KEY QUOTES:
“The acquisition of NCS Multistage is a natural complement to our completions strategy and enhances the application fit of our well construction products portfolio. NCS Multistage’s technology is expected to enhance our ability to serve customers across the completion lifecycle, from well design through production optimization and late-life interventions, while deepening our exposure to the growing unconventional resource market. We see a meaningful opportunity to create additional value by bringing this technology to our global customer base.”
Girish Saligram, President and Chief Executive Officer, Weatherford International
“This is a significant step for NCS Multistage that we believe positions our business — and the talented people who built it — for the next phase of growth as part of a leading global energy services company. This combination creates an opportunity for our products, technology, and people to reach a broader set of customers and markets faster than we could on our own.”
Ryan Hummer, Chief Executive Officer, NCS Multistage
