Weatherford Completes Schlumberger Deal for $430 Mln
Oilfield services company Weatherford International plc has completed the sale of its U.S. pressure pumping and pump-down perforating assets to a subsidiary of Schlumberger Limited for $430 million in cash.
Approximately 100 Weatherford employees associated with the businesses will transfer to Schlumberger as part of the deal. In a statement on the company’s website, Weatherford said it will use the proceeds from the sale ‘to reduce outstanding indebtedness’.
"The closing of this transaction represents another step on our path toward building a solid and strong company and unlocking the potential that exists within Weatherford," Mark McCollum, president and CEO of Weatherford, said in a company statement.
"This transaction delivers cash proceeds that enable our company to begin the deleveraging process and, coupled with our transformation plans, will lead to a leaner organization with lower debt and significantly higher profit margins,” he added.
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