Weatherford completes sale of surface data logging business
BAAR, Switzerland -- Weatherford International plc has announced it has completed the sale of its surface data logging business to Excellence Logging for $50 million in total consideration.
In December 2018, the company signed a definitive agreement to sell all of its surface data logging equipment, technology and associated contracts to Excellence Logging. The companies intend to maintain a close and collaborative relationship to provide bundled and integrated services, including surface data logging, to their customers.
The transaction is one in a series of planned divestitures to refocus the Company’s portfolio on core businesses most closely aligned with its long-term strategy and to reduce its debt.
