(MENAFN) Weatherford was declared to have inked a deal with ADES International Holding were for putting its land drilling rig operations for sale in Algeria, Kuwait and Saudi Arabia.
The leading oilfield service firm has also signed the agreement for the sale of two idle land rigs in Iraq at a value of USD287.5 million.
The transaction consists of 31 land drilling rigs and related drilling contracts, along with roughly 2,300 employees and contract personnel.
President and chief executive officer of Weatherford Mark A McCollum stated "we are pleased to have signed an agreement with ADES, a company that is known for providing high quality and efficient services with an extensive track record of serving leading regional and global oil and gas customers."
McCollum added "ADES is acquiring an efficient fleet of land drilling rigs and a dedicated workforce with more than 60 years of experience in delivering drilling efficiency, operational excellence, and first-class safety. It was very important to us to find a buyer who will continue to provide the same level of service quality, safety and dedication to customers in this region."