Weatherford sells land drilling rig operations in Middle East for $287.5M

July 12, 2018

Switzerland-based Weatherford International plc (NYSE: WFT), which has its main U.S. office in Houston, announced July 11 that it will sell more assets in a $287.5 million deal.

ADES International Holding Ltd. will buy Weatherford’s land drilling rig operations in Algeria, Kuwait and Saudi Arabia as well as two idle land rigs in Iraq, per Weatherford’s July 11 press release. The deal includes includes 31 land drilling rigs and related drilling contracts plus about 2,300 employees and contract…

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