BAAR, Switzerland, Dec. 3, 2018 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
today announced it has completed the sale of its Precision Drilling
Services Saudi Arabia ("PDSSA") land drilling operations, including
11 drilling rigs, 923 employees and associated customer contracts
to ADES International Holding Ltd. for $92.5
million in cash.
In July 2018, a subsidiary of
Weatherford signed definitive agreements 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 second 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. In November 2018, the
Company announced the closing of the Kuwait land drilling rigs sale for
$123 million in cash, and an
additional $12 million in cash
pending the delivery of the two idle land drilling rigs from
Iraq. 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 and offshore contract drilling as well as workover and
production services. Its over 3,400 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,
twenty six onshore drilling rigs, a jack-up barge, and a mobile
offshore production unit ("MOPU"), which includes a floating
storage and offloading unit. For more information, visit
investors.adihgroup.com.
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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