The Varel Vantage - Q3 2023

Dear [LinkedIn Followers and Friends],

It gives us great pleasure to introduce our newsletter, a dedicated channel to keep you informed, engaged, and inspired.

At Varel, we know success is intrinsically tied to our relationships. This newsletter is our way of strengthening our bond with our engaged clients and followers.

Through this newsletter, we aim to achieve several important objectives:

1.??Stay Connected: We wish the bridge the gap through the haze of “too much content” and provide you a direct line to our latest updates, news, and developments.

2.??Exclusive Insights: We will be sharing exclusive insights, industry trends, and expert opinions that can empower you in your field. You'll gain access to knowledge that can help you stay ahead of the curve.

3.??Behind-the-Scenes: A sneak peek into our operations, culture, and the passionate individuals who drive our success.

Warm Regards,

VES Executive Leadership Team

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Purple Performance (Notable Successes)

• Last week at the ADIPEC, our team was honored to share the recent successes of the first 22” PDC drill bit run on RSS for our partner, Kuwait Oil Company.? The performance continues to set multiple records and a benchmark in the 22” section.?
• Drilling teams in Saudi Arabia have recently set multiple field records with Varel bits. Of note, a field record concluded as the Fastest and Longest 8-3/8" section in the UTMN Field.
• A compilation of amazing performances have been celebrated with drilling teams in Oman, with multiple drilling records recently broken.
• The previous ROP record for 12.25” in the HAWQA Field was broken with a VES VION-519 design.
• A new field record established by a 8-3/8” VION-616 with new “MEG” sandwich design delivered 27% longer meterage and 10% better ROP than previous offsets.
• 11 days was saved versus the AFE in the SAIH RAWL field with the help of an 8 3/8” FUSION+ bit with the new COBRA Performance Package.
• Our AQUEOUS? technology has supported more than 300+ casing running deployments this year across the U.S. – averaging ~41 feet in additional reservoir exposure (for each run) for our customers.
• Commercial deployment of our V2 HP float valve has been successful – now representing the most reliable, practical and robust float equipment line in the industry.

** Ask us more about these successes and product performances.? IYDKNYK!

Tech Topics

You may have noticed multiple records being set with PDC bits including the COBRA Performance Package. This technology is the next evolution of how Varel is leading the intelligent, physics-based utilization of shaped cutter technology. Rather than just sprinkling a ‘new & shiny’ cutter shape, we are taking into consideration the trade-offs of fundamental geometries and how they are applied across a cutting structure in different drilling environments. This is still the very early-days of the COBRA performance package, which has yet to be fully commercialized, but we have had extremely successful trials in Oman, Saudi Arabia, Marcellus, Permian, and select other applications. If you’d like to learn more and partner with us in expanding the reach of this new technology, please reach out!

Varel Victories (Growth amp; People)

• Team Varel was proud to celebrate Saudi National Day and the investments we have made in people and facilities in the Kingdom. Since our change in ownership during COVID, Varel has multiplied our investment in the Kingdom several times, showing our commitment to the region.
• Varel’s EVP of Human Resources, Ilda Andaluz, shared her firsthand insights into the value diversity can bring to organizations on the Flipping the Barrel Podcast.

What’s Happening Now

• Our teams have been busy meeting and growing business with our partners at ADIPEC.
• Varel will be a proud sponsor – and fighting for a win – at the annual AADE F5 Competition on October 26!
• Showing yet again how Varel takes what we do very seriously without taking ourselves too seriously, lol!