Press Esc to close

WorldOil

World Oil News Center



Weatherford closes sale of Russian, Venezuelan land rig operations to Rosneft

ZUG, Switzerland -- Weatherford International closed the sale of its 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.

08/01/2014

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS