Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/weatherford-closes-sale-of-russian-and-venezuelan-.shtmlWeatherford closes sale of Russian and Venezuelan land rig operations to Rosneft
Weatherford International has closed the sale of the Company’s land drilling and workover operations in Russia and Venezuela to
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Weatherford International has closed the sale of the Company’s land drilling and workover operations in Russia and Venezuela to Rosneft on July 31, 2014. The consideration was $500 million in cash.
With the conclusion of this transaction, Weatherford’s remaining Russian revenue base declined from 7% of total company revenue in the first half of 2014 to 3% on a pro forma basis.
The proceeds from this sale will be utilized in full to pay down debt. Weatherford expects additional cash proceeds from other non-core divestitures during the third and fourth quarters of this year. As previously projected, the company’s net debt is expected to be reduced to approximately $7 billion by year end.
