Weatherford Sells Pipeline, Specialty Services Business to Baker Hughes
Weatherford International Ltd. and Baker Hughes Inc. announced Monday that they have signed an agreement for the sale of Weatherford’s pipeline and specialty services business to a subsidiary of Baker Hughes for a total consideration of $250 million, including $241 million in cash and $9 million in retained working capital. The sale is part of Weatherford’s previously announced plan to divest its non-core businesses.
“This sale is an important first step towards Weatherford’s refocus on its core businesses and becoming a leaner, more efficient and stronger company. We are pleased to have reached agreement on the sale of this business to Baker Hughes, which complements their existing process and pipeline services business. We believe that Baker Hughes is really well positioned to maximize the potential of this business” stated Chairman, President and Chief Executive Officer of Weatherford Bernard J. Duroc-Danner.
“The substantial demand for Baker Hughes’ process and pipeline services indicates the growing importance of midstream infrastructure in supporting the expansion and sustainability of the energy industry,” said Chairman and Chief Executive Officer of Baker Hughes Martin Craighead.
“The addition of Weatherford’s pipeline and specialty services not only will augment our asset assurance and integrity capabilities, but also will help us leverage our existing technologies and global supply chain network into profitable, growing markets.”
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford Sells Data Logging Business to Pay Debt (Dec 17)
- ADES Buys 11 Drilling Rigs from Weatherford (Dec 03)
- Weatherford Sells Laboratory Business for $205MM (Oct 24)
Company: Baker Hughes more info
- US Drops 25 Oil and Gas Rigs This Week (Jan 18)
- US Drops Four Oil Rigs This Week (Jan 11)
- US Drops Eight Oil Rigs This Week (Jan 04)