ZUG, Switzerland (August 1, 2014) – Weatherford International plc closed the sale of the company’s land drilling and workover operations in Russia and Venezuela to Rosneft on July 31, 2014. The consideration was $500 million in cash. With the conclusion of this transaction, Weatherford’s remaining Russian revenue base declined from 7 percent of total company revenue in the first half of 2014 to 3 percent on a pro forma basis.
The proceeds from this sale will be used in full to pay down debt. Weatherford expects additional cash proceeds from other non-core divestitures during the third and fourth quarters of this year. As previously projected, the company’s net debt is expected to be reduced to approximately $7 billion by year end.
Weatherford is a multinational oilfield service company.