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.

Tags: Rosneft, Weatherford International Ltd