TNK-BP and Weatherford International Ltd. Complete Oil Field Services Transaction
29 Jul 2009
TNK-BP and Weatherford International Ltd. announced today that, following approval by Russia’s Federal Antimonopoly Service, TNK-BP has completed the sale of its Oil Field Services (OFS) enterprises to Weatherford International Ltd. pursuant to the Sales and Purchase Agreement signed on May 29, 2009.
Via this transaction, Weatherford International Ltd. acquired ten OFS companies providing drilling, well workover and cementing services operating in West Siberia, East Siberia and the Volga-Urals region. The OFS companies employ 6,600 people and generated over US $600 million in revenue last year. The business is sold as a going concern.
The transaction will accelerate the continued productivity growth of the existing drilling and workover business available to TNK-BP. It will allow the company to focus on the core business of producing, refining and marketing oil.
Weatherford strengthens its position as a major provider of products and services in this important market, which will further improve the overall performance of Russia’s oil field services.
Notes to editors:
Weatherford International Ltd. is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford International Ltd. operates in over 100 countries and employs over 50,000 people worldwide.
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