BAAR, Switzerland, Dec. 29, 2017 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) today announced it has sold its U.S.
pressure pumping and pump-down perforating assets to a subsidiary
of Schlumberger Limited for $430
million in cash.
The parties agreed to revised deal terms that reflect an asset
sale, as compared to the previously announced OneStimSM
joint venture. As part of this transaction, Schlumberger will
take ownership of Weatherford's U.S. pressure pumping and pump-down
perforating related facilities and supplier and customer contracts.
Additionally, approximately 100 Weatherford employees associated
with the pressure pumping and pump-down perforating businesses will
transfer to Schlumberger. Weatherford will retain the entirety of
its leading multistage completions portfolio, manufacturing
capability and supply chain and will continue to participate in the
growing completions markets in both Canada and the U.S. as well as globally.
Weatherford will use the proceeds from the sale to reduce
outstanding indebtedness.
"The closing of this transaction represents another step on our
path toward building a solid and strong company and unlocking the
potential that exists within Weatherford," stated Mark A. McCollum, President and Chief Executive
Officer of Weatherford. "Although not as originally anticipated,
this transaction delivers cash proceeds that enable our Company to
begin the deleveraging process and, coupled with our transformation
plans, will lead to a leaner organization with lower debt and
significantly higher profit margins. In addition, retaining 100
percent of our leading land-based multistage Completions business
allows for significant upside potential for Weatherford."
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 860 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 29,500 people. For more information, visit
www.weatherford.com and connect with Weatherford on LinkedIn,
Facebook, Twitter and YouTube.
Weatherford Contacts
Christoph Bausch
Executive Vice President and Chief Financial Officer
+1.713.836.4615
Karen David-Green
Vice President – Investor Relations, Marketing and
Communications
+1.713.836.7430
Forward Looking Statements
This news release contains forward-looking statements. These
forward-looking statements include, among other things, the
Company's expectations regarding business outlook, debt levels and
profit margins, and are also generally identified by the words
"believe," "project," "expect," "anticipate," "estimate,"
"outlook," "budget," "intend," "strategy," "plan," "guidance,"
"may," "should," "could," "will," "would," "will be," "will
continue," "will likely result," and similar expressions, although
not all forward-looking statements contain these identifying words.
Such statements are based upon the current beliefs of Weatherford's
management, and are subject to significant risks, assumptions and
uncertainties. Should one or more of these risks or uncertainties
materialize, or underlying assumptions prove incorrect, actual
results may vary materially from those indicated in our
forward-looking statements. Readers are also cautioned that
forward-looking statements are only predictions and may differ
materially from actual future events or results. Forward-looking
statements are also affected by the risk factors described in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2016, the Company's
Quarterly Reports on Form 10-Q, and those set forth from
time-to-time in the Company's other filings with the Securities and
Exchange Commission. We undertake 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.
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