Exploration & Production

Weatherford to sell drilling operations in Algeria, Kuwait and Saudi Arabia

A subsidiary of Weatherford International has agreed to sell its onshore drilling operations in Algeria, Kuwait and Saudi Arabia as well as two idle rigs in Iraq to ADES International Holding.
By Staff reporter 12 July 2018 0 31714

A subsidiary of Weatherford International has agreed to sell its onshore drilling operations in Algeria, Kuwait and Saudi Arabia as well as two idle rigs in Iraq to ADES International Holding.

The transaction has been valued at $287.5 million, Weatherford said in a statement. The transaction includes 31 rigs and related drilling contracts.

The takeover will result in the transfer of around 2,300 employees. Weatherford will use the proceeds to reduce its debt and plans to divest its remaining onshore drilling rigs through a...