BAAR, Switzerland, Nov. 1, 2018 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
today announced it has completed the sale of its land drilling
operations in Kuwait, including 12
drilling rigs to ADES International Holding Ltd. for $123 million in cash, and an additional
$12 million in cash pending the
delivery of two idle land drilling rigs in South Iraq.
In July 2018, a subsidiary of
Weatherford signed a definitive agreement with ADES International
Holding Ltd. for the sale of Weatherford's land drilling rig
operations in Algeria,
Kuwait and Saudi Arabia as well as two idle land rigs in
Iraq, for an aggregate cash
purchase price of $287.5 million (the
"Transaction"). The Transaction includes 31 land drilling rigs and
related drilling contracts, as well as approximately 2,300
employees and contract personnel.
This is the first in a series of four closings, the majority of
which are expected to be completed by year-end 2018, subject to
regulatory approvals, consents and other customary closing
conditions. The purchase price is also subject to a customary
post-closing working capital adjustment. Weatherford will use the
proceeds to reduce its debt.
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 90 countries and has a network of
approximately 710 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately
28,450 people. For more information,
visit www.weatherford.com and connect with Weatherford
on LinkedIn, Facebook, Twitter and YouTube.
About ADES International Holding
ADES International
Holding extends oil and gas drilling and production services
through its subsidiaries and is a leading service provider in the
Middle East and Africa, offering onshore contract drilling as
well as workover and production services. Its over 2,500 employees
serve clients including major national oil companies ("NOCs") such
as Saudi Aramco, Kuwait Oil Company and Sonatrach as well as joint
ventures of NOCs with global majors including BP and Eni. While
maintaining a superior health, safety and environmental record, the
Group currently has a fleet of thirteen jack-up offshore drilling
rigs, fifteen onshore drilling rigs, a jack-up barge, and a mobile
offshore production.
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 and the use of proceeds therefrom.
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,
2017 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:
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Christoph
Bausch
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+1.713.836.4615
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Executive Vice
President and Chief Financial Officer, Weatherford
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Karen
David-Green
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+1.713.836.7430
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Senior Vice
President, Stakeholder Engagement and Chief Marketing Officer,
Weatherford
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SOURCE Weatherford International plc