Weatherford Completes Acquisition of TNK-BP's Oilfield Services

Weatherford and TNK-BP announced that, following approval by Russia's Federal Anti Monopoly Service, TNK-BP has completed the sale of its Oil Field Services (OFS) enterprises to Weatherford International Ltd pursuant to the Sales and Purchase Agreement signed on May 29, 2009.

Via this transaction, Weatherford acquired ten OFS companies providing drilling, well workover and cementing services operating in West Siberia, East Siberia and the Volga-Urals region. The OFS companies employ 6,600 people and generated over $600 million in revenue last year. The business is sold as a going concern.

The transaction will accelerate the continued productivity growth of the existing drilling and workover business available to TNK-BP. It will allow the company to focus on the core business of producing, refining and marketing crude oil.

Weatherford strengthens its position as a major provider of products and services in this important market, which will further improve the overall performance of Russia's oilfield services.