Weatherford has inaugurated its new facility and office space in Cairo in a ceremony that took place today and gathered the company’s top management and industry leaders, Egypt Oil & Gas reports.

The new facility is part of a transformation process by Weatherford, which saw seven different company locations in Cairo being consolidated into a single purpose-built facility. The cost-effective initiative is estimated to save approximately $1.5 million per year.

The inauguration ceremony was attended by Mark McCollum, Weatheford President and CEO; Eng. Mohamed Moanes, the Egyptian Ministry of Petroleum’s First Undersecretary for Gas Affairs; Eng. Abed Ezz El Regal, CEO of the Egyptian General Petroleum Corporation (EGPC); and Eng. Osama El Bakly, CEO of the Egyptian Natural Gas Holding Company (EGAS).

The opening ceremony started with the ribbon cutting at the facility’s main entrance, followed by welcome remarks.

“Our company is operating in 90 countries around the world, we have around 30,000 employees and we serve operators in the most important oil and gas markets across the globe,” said McCollum. “We are excited to show you what we have been working on to better serve our customers as we open this base today.”

The new state-of-the-art 40,800-square-meter facility employs approximately 230 people and delivers various life-of-well technologies, such as drilling rental tools, tubular running equipment, liner hangers, cementing products, completion systems, managed pressure drilling (MPD), fishing tools, and a fully loaded and certified machine shop.

“We come up with a plan following the best possible standards in the market today with the best service quality; while doing this, we are also saving money. This is a very ambitious project with support from everyone from the top management,” said Walid Yassin, Vice President for North Africa at Weatherford.

The event was concluded with a tour around the facility, during which industry representatives were introduced to the technologies and services provided by each department.