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Rosneft buys oil field services from Weatherford International

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Staff writer ▼ | July 14, 2014
RosneftRosneft President Igor Sechin and Vice President of Weatherford International plc. for Russia Lance Marklinger signed an agreement for the acquisition of Rosneft land drilling and workover assets of Weatherford in Russia and Venezuela.

The consideration is $500 million in cash.

The agreement envisages the acquisition of 8 companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela. The document also envisages the development of long-term cooperation in oil field services between Rosneft and Weatherford. The closing of the transaction is subject to, among other things, to corporate and state regulatory approvals and is expected to close in the third quarter of 2014.

The realization of the deal will allow Rosneft to strengthen its positions on the market of drilling and workover services and will expand the array of service contractors which will enable to boost efficiency of drilling and hydrocarbons production, enhance financial results.

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