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Report: Weatherford looking to sell laboratories business

Switzerland-based oilfield service company Weatherford International PLC is considering selling its laboratories business and has reached out to private equity firms and corporate buyers, according to Bloomberg reports citing sources familiar with the matter.

Weatherford CEO Mark McCollum said May 22 during the UBS Global Oil and Gas Conference that the company may have to sell one of its larger businesses in 2019 to deliver on its debt. A revolver is due in 2019. At the time, McCollum noted that it was too early to specify what it might sell and that its decision would depend on what the company looks like.

Weatherford is also selling its onshore rig business, Bloomberg said.

Weatherford has yet to respond to requests for comment.