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Weatherford signed deal to spin off its onshore drilling rig business in Saudi Arabia, Kuwait, Algeria

Weatherford found a buyer to acquire its Middle East onshore drilling rig business for $287.5 million.

Houston, July 12 - Neftegaz.RU. The drilling services company Weatherford International finally has found a buyer and sold its Middle East assets for $287.5 million.


Weatherford has signed the agreement with ADES International for the sale of Weatherford's land drilling rig operations in Algeria, Kuwait and Saudi Arabia, as well as 2 idle land rigs in Iraq, for an aggregate cash purchase price of $287.5 million. ADES operates in the Middle East and northern Africa.


Following the completion of the transaction, Weatherford intends to use the sale proceeds to trim its debt. The deal will double the size of ADES. It includes the sale of 31 land drilling rigs and related contracts, as well as the transfer of about 2,300 Weatherford employees and contractors.


Weatherford, one of the largest oilfield services in the world, reported 1st quarter revenue at $1.42 billion, down 4 % from the 4th quarter, but 3 % higher year-over-year. The company releases its 2nd-quarter report July 27.


The sale is expected to close before the end of the year. Weatherford still has a few rigs remaining in the region that it will sell through smaller deals.


Source : Neftegaz.RU