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Weatherford International has completed its sale of land drilling operations in Kuwait. The company has sold 12 drilling rigs to ADES International Holding for $123 million and the delivery of two idle land drilling rigs in southern Iraq are pending. Weatherford’s subsidiary signed a definitive agreement with ADES in July 2018 for the sale of its Algeria, Kuwait and Saudi Arabia. It also included two idle rigs in Iraq.
ADES has entered into an acquisition agreement amounting to $287.5m to buy Weatherford subsidiary’s land drilling rig operations in Algeria, Kuwait, and Saudi Arabia. The agreement will give ADES the ownership of 31 land drilling rigs and related drilling contracts. ADES International Holding has said that the deal will expand its total fleet and more than double its operational fleet. The deal is expected to close by 2018.