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MarketScreener Homepage  >  Equities  >  Nyse  >  Weatherford International plc       IE00BLNN3691

WEATHERFORD INTERNATIONAL PLC

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Weatherford International : completes $92.5mn sale of Saudi Arabia land drilling rigs

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12/07/2018 | 05:35am EDT

Weatherford International completed the sale of its Precision Drilling Services Saudi Arabia ("PDSSA") land drilling operations, including 11 drilling rigs, 923 employees and associated customer contracts to ADES International Holding Ltd. for $92.5mn in cash.

In July 2018, a subsidiary of Weatherford signed definitive agreements with ADES International Holding Ltd. for the sale of Weatherford`s land drilling rig operations in Algeria, Kuwait and Saudi Arabia as well as two idle land rigs in Iraq, for an aggregate cash purchase price of $287.5 mn. The transaction includes 31 land drilling rigs and related drilling contracts, as well as approximately 2,300 employees and contract personnel.

This is the second in a series of four closings, the majority of which are expected to be completed by year-end 2018, subject to regulatory approvals, consents and other customary closing conditions. In November 2018, the Company announced the closing of the Kuwait land drilling rigs sale for $123mn in cash, and an additional $12mn in cash pending the delivery of the two idle land drilling rigs from Iraq. Weatherford will use the proceeds to reduce its debt.

(c) 2018 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ADES INTERNATIONAL HOLDING PLC 0.00% 14.1 Delayed Quote.3.11%
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Financials ($)
Sales 2019 5 564 M
EBIT 2019 441 M
Net income 2019 -385 M
Debt 2019 7 119 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 1,04
EV / Sales 2019 1,29x
EV / Sales 2020 1,12x
Capitalization 60,2 M
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Mean consensus HOLD
Number of Analysts 6
Average target price 1,25 $
Spread / Average Target 1 983%
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Managers
NameTitle
Mark A. McCollum President, Chief Executive Officer & Director
William Edward Macaulay Independent Chairman
Karl Blanchard Chief Operating Officer & Executive Vice President
Hans-Christoph Bausch Chief Financial Officer & Executive Vice President
John D. Gass Independent Director
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