Petroleum Africa
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Monday, July 16, 2018
ADES International Holding Ltd. signed a definitive agreement with Weatherford International plc for the acquisition of 31 onshore drilling rigs. The company who operates in the Middle East and Africa paid an estimated $287.5 million for the rigs.
ADES said that the acquisition was in line with its strategy to strengthen its onshore capabilities.
The transaction will be financed through a combination of cash and secured debt instruments, and is expected to close in the second half of 2018, subject to customary closing conditions previously agreed upon.
As part of the Transaction, ADES will acquire Weatherford’s onshore drilling operations, including their associated assets, contracts, management systems and approximately 2,300 employees and contract personnel spread across Algeria, Kuwait and Saudi Arabia, where Weatherford has built a substantial presence and track record that will enable ADES to expand its presence across attractive pre-selected markets within the Middle East and Africa, consistent with its strategy.
The acquired assets consist of 12 rigs in Kuwait, eleven rigs in Saudi Arabia, six rigs in Algeria and two rigs in Southern Iraq. Twenty of the acquired 31 rigs are currently operational and the remaining 11 will be used in tendering activities and for strategic inventory purposes that will enable ADES to continue to grow in these attractive markets within the Middle East and Africa.
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