BAAR, Switzerland, April 30, 2019 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford") today announced it has completed
the sale of its laboratory services business to a group led by CSL
Capital Management, L.P. ("CSL Capital") for $206 million in cash.
In October 2018, the Company
signed a definitive agreement to divest its laboratory and
geological analysis business, including personnel and associated
contracts. The transaction is one in a series of planned
divestitures to refocus the Company's portfolio on core businesses
most closely aligned with its long-term strategy and to reduce its
debt.
"We are pleased to close this transaction with CSL Capital
Management, which has a strong track record of investing in energy
services," said Mark A. McCollum,
President and Chief Executive Officer of Weatherford. "Over the several past months,
our teams have worked closely to ensure a seamless transition for
our customers, suppliers and employees. We believe this transaction
will give our customers the opportunity to maximize their
operations through this world-class laboratory and reservoir
services company, and its highly qualified workforce."
"We are pleased to close this transaction with Weatherford and are looking forward to working
closely with the employees and customers of Stratum Reservoir, the
new name of the standalone, independent laboratory services
company. After the close we will be investing and growing Stratum
Reservoir to further extend the leadership of this world-class
laboratory and reservoir description company and to serve the
evolving needs of the energy industry," said Charlie Leykum, Founding Partner of CSL Capital.
"We are also appreciative of all the support provided by the
Weatherford team leading up to the
closing today, and we look forward to our continued
collaboration."
"I am excited by the opportunity to work with the exceptional
employees of Stratum Reservoir to build a market-leading
Geosciences laboratory business by focusing on value-adding
technical solutions that help our customers gain a deep
understanding of their energy resources," said Ricardo Carossino, newly appointed Chief
Executive Officer of Stratum Reservoir.
CSL Capital partnered with the Carlyle Energy Mezzanine
Opportunities Fund II, L.P. ("Carlyle") to complete this
acquisition.
About Weatherford
Weatherford is one of the largest
multinational oilfield service companies providing innovative
solutions, technology and services to the oil and gas industry. The
Company operates in over 80 countries and has a network of
approximately 700 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 26,500 people. For more information,
visit www.weatherford.com and connect with Weatherford
on LinkedIn, Facebook, Twitter and YouTube.
About CSL Capital
CSL Capital is a SEC-registered
investment firm focused on energy services and equipment businesses
in the U.S. Headquartered in Houston, Texas, CSL Capital was founded in
early 2008. The current CSL Capital portfolio includes several de
novo, growth, recapitalization, and other investments. CSL
Capital's partners include financial institutions, endowments,
foundations, and family offices, among other institutional
groups. Since its 2008 inception, CSL Capital has raised in excess
of $1.7 billion in equity capital and
commitments across various investment vehicles. For more
information, please visit www.cslenergy.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG)
is a global investment firm with deep industry expertise that
deploys private capital across four business segments: Corporate
Private Equity, Real Assets, Global Credit and Investment
Solutions. With $216 billion of
assets under management as of December 31,
2018, Carlyle's purpose is to invest wisely and create value
on behalf of our investors, portfolio companies and the communities
in which we live and invest. The Carlyle Group employs more than
1,650 people in 31 offices across six continents.
Forward-Looking Statements
This press release includes
forward-looking statements as defined under federal law, including,
but not limited to, those related to the sale transactions
described in this press release. These forward-looking statements
are generally identified by the words "believe," "expect,"
"anticipate," "estimate," "intend," "plan," "may," "should,"
"could," "will," "would," and "will be," and similar expressions,
although not all forward-looking statements contain these
identifying words. Such statements are subject to significant
risks, assumptions and uncertainties. Known material factors that
could cause the Company's actual results to differ materially from
the results contemplated by such forward-looking statements are
described in the forward-looking statements and risk factors in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2018 and those risk
factors set forth from time-to-time in other filings with the
Securities and Exchange Commission. Weatherford undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events, or otherwise, except to
the extent required under federal securities laws.
Contacts:
Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer, Weatherford
Karen David-Green
+1.713.836.7430
Senior Vice President, Stakeholder Engagement and Chief Marketing
Officer, Weatherford
Kent Jamison
+1.281.407.0693
General Counsel, CSL Capital Management
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SOURCE Weatherford International plc