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Monday, March 4, 2019
Weatherford International completed the sale of four contracted drilling rigs in Algeria to ADES International Holding. The company expects that the remaining two rigs will transfer within the following four weeks after relocating within Algeria. This will complete the sale of Weatherford’s land drilling operations in in the North African country, which in total includes six drilling rigs, 350 employees and contractors, and associated customer contracts to ADES International Holding PLC for $60 million in cash.
Proceeds are expected to be received in tranches with $40 million received upon sale of the contracted rigs and $10 million for each of the rigs to be relocated, subject to other customary adjustments agreed in connection with finalizing the overall transaction.
In July 2018, a subsidiary of Weatherford signed definitive agreements with ADES International Holding PLC 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 includes 31 land drilling rigs and related drilling contracts, as well as approximately 2,300 employees and contract personnel.
This is the third in a series of four closings subject to regulatory approvals, consents and other customary closing conditions.
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