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Weatherford closes on sale of Algerian, Iraqi oil drilling rigs for $32M

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Weatherford closes on sale of Algerian, Iraqi oil drilling rigs for $32M

Irish oilfield services company Weatherford International PLC said March 25 it has completed the sale of two land drilling rigs that were relocated in Algeria and has delivered two idle land drilling rigs from Iraq.

The land drilling rigs in Algeria fetched $10 million apiece, while the Iraqi rigs sold for a combined $12 million, for a total of $32 million in cash.

Once among the top four oilfield service companies in the industry, Weatherford continues to sell off assets to help pay down its debt. Through February, total proceeds from sales already used, or intended to be used to reduce debt, stood at $287.5 million.

In February, Weatherford completed the divestiture of four contracted drilling rigs in Algeria for $40 million in cash, and in December 2018, the company closed on the sale of Precision Drilling Services Saudi Arabia to ADES International Holding PLC for $92.5 million.

Also at the end of 2018, Weatherford finalized the sale of land drilling rig operations in Algeria, Kuwait and Saudi Arabia, as well as two idle rigs in Iraq, to ADES International for $287.5 million.