ADES International acquires onshore rigs from Weatherford

3/26/2019

LONDON and DUBAI -- ADES International Holding PLC has announced that it has completed the acquisition transaction with Weatherford International plc and receipt of the final two onshore rigs in Algeria, and a further two rigs delivered outside of Southern Iraq for relocation to Saudi Arabia.

The acquisition cost was $20 million for the Algerian rigs and an additional $12 million for the Southern Iraq rigs, for a total consideration of $32 million for the four rigs.

The transaction is the final segment of the previously signed definitive agreement with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for a total consideration of $287.5 million, including 12 rigs in Kuwait, 11 in Saudi Arabia, six in Algeria and two rigs delivered outside of Southern Iraq for relocation to Saudi Arabia.

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