BAAR, Switzerland, March 25, 2019 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
today announced it has completed the sale of two land drilling rigs that were relocated
in Algeria and has delivered two
idle land drilling rigs from Iraq. The Company received
$10 million in cash for each of the land drilling rigs relocated in Algeria and an additional $12 million in
cash for the delivery of two idle land drilling
rigs outside of Iraq, for
aggregate proceeds of $32
million.
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"). The Transaction includes 31 land drilling rigs and
related drilling contracts, as well as approximately 2,300
employees and contract personnel.
These transactions are the last in a series that were subject to
regulatory approvals, consents and other customary closing
conditions. In December 2018, the
Company announced the closing of its Precision Drilling Services
Saudi Arabia land drilling operations for $92.5 million in cash. In November 2018, the Company announced the closing
of its Kuwait land drilling rigs
sale for $123 million in cash, and an
additional $12 million to be received
in equal $6 million increments upon
the delivery of two idle land drilling
rigs from Iraq. In February
2019, the Company announced the completion of the sale of
four contracted drilling rigs in Algeria for $40
million in cash. In total, the Company has received
aggregate proceeds of
$287.5 million that it has already
used or intends to use 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 80
countries and has a network of approximately 700 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 26,500 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 North Africa, offering onshore and offshore
contract drilling as well as workover and production services. Its
c.4,000 employees serve clients including major national oil
companies ("NOCs") such as Saudi Aramco and Kuwait Oil Company 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 thirty four onshore
drilling rigs, thirteen jack-up offshore 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, 2018 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:
Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer,
Weatherford
Karen David-Green
+1.713.836.7430
Senior Vice President, Stakeholder Engagement and Chief Marketing
Officer, Weatherford
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