27/02/2019
Weatherford Completes Sale of Algeria Land Drilling Rigs
BAAR, Switzerland, Feb. 27, 2019 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the 'Company' or 'Weatherford') today announced it has completed the sale of four contracted drilling rigs in Algeria. The Company expects that the remaining two rigs will transfer within the following four weeks after relocating within Algeria. This will complete the sale of Weatherford's land drilling operations in Algeria, which in total includes six drilling rigs, 350 employees and contractors and associated customer contracts to ADES International Holding PLC for $60 million in cash. Proceeds are expected to be received in tranches with $40 million received upon sale of the contracted rigs and...
