Continental Focus, International Reach

Weatherford Sells Rigs in MENA

Thursday, March 28, 2019

Weatherford International closed on the last of four deals to sell its drilling rigs in the Middle East and North Africa. Weatherford closed a $32 million deal to sell four of the company’s drilling rigs in Algeria and Iraq.

The firm has been selling its Middle Eastern drilling rig subsidiary Precision Drilling Services Saudi Arabia, or PDSSA, to Dubai-based ADES International Holding Ltd. in four phases.

ADES agreed to buy PDSSA in a $287.5 million deal that was announced July 2018. Structured into a series of four closings, the first deal closed in November, the second one closed in December and the third in February.

Combined, the four deals included the sale of 31 land-based drilling rigs, contracts and 2,300 employees and contract personnel.