Weatherford closes deal to sell drilling rigs in North Africa [Houston Chronicle]
Weatherford closed a $60 million deal on Wednesday afternoon to sell four of the company’s drilling rigs in the North African nation of
ADES agreed to buy PDSSA in a $287.5 million deal that was announced July. Structured into a series of four closings, the first deal closed in November and the second one closed in December.
In this round, PDSSA sold the rigs, 350 employees and customer contracts to ADES.
The asset sale is the latest divestiture for the struggling oilfield service company, which posted a $2.8 billion loss on roughly $5.6 billion of revenue in 2018.
Enduring some 17 consecutive quarters of losses, Weatherford has not made a profit since the third quarter of 2014 when a crude oil price downturn dragged down the entire
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