Weatherford sells of U.S. business to Schlumberger for $430 million
The parties agreed to revised deal terms that reflect an asset sale, as compared to the previously announced OneStimSM joint venture.
As part of this transaction, Schlumberger will take ownership of Weatherford's U.S. pressure pumping and pump-down perforating related facilities and supplier and customer contracts.
Additionally, approximately 100 Weatherford employees associated with the pressure pumping and pump-down perforating businesses will transfer to Schlumberger.
Weatherford will retain the entirety of its leading multistage completions portfolio, manufacturing capability and supply chain and will continue to participate in the growing completions markets in both Canada and the U.S. as well as globally.
Weatherford will use the proceeds from the sale to reduce outstanding indebtedness. ■