One-Page Deal Sheet
Weatherford to Sell Non-Core Assets to Rosneft
Rosneft Oil Company Weatherford International Ltd.
Announced Date
July 14,2014
Effective Date
July 31,2014
Close Date
July 31,2014
Transaction Type
Property
Enterprise Value (EV)($MM)
500
Location
Region
South America,Russia
Country
Russian Federation
Country
Venezuela
Transaction Details: Subscribe to see
Weatherford International plc has entered into agreements with Rosneft for the sale of the Company's land drilling and workover operations in Russia and Venezuela.
The consideration is $500 million in cash.
The Russian rig operations include 61 land drilling crews and a fleet of workover rigs, essentially pulling units while the Venezuela operations include 6 land drilling rigs. The rig staffing is approximately 7,800 in Russia and 375 in Venezuela and will be transferred to Rosneft at closing.
The agreement is another step in Weatherford's previously announced plan to divest the Company's…
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