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Russia’s Rosneft buying 8 oilfield services companies from Swiss Weatherford

July 14, 2014, 18:04 UTC+3 MOSCOW
Rosneft signed a deal on the purchase of eight Weatherford International companies active in drilling and well repair sectors in Russia and Venezuela on July 13
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©  EPA/Stringer

MOSCOW, July 14. /ITAR-TASS/. Russia’s oil major Rosneft is buying eight oilfield services companies in Russia and Venezuela from Switzerland Weatherford International. The sum of the deal is $500 million, Weatherford said in a release on Monday.

According to the release, these assets account for about a half of Weatherford’s revenues in Russia and about a third of its business in Venezuela.

Rosneft signed a deal on the purchase of eight Weatherford International companies active in drilling and well repair sectors in Russia and Venezuela on July 13. The document was inked by Rosneft CEO Igor Sechin and Weatherford International Vice President for Russia Lance Marklinger. The document also provides for long-term cooperation in the area of oilfield services.

“The deal is line with Rosneft’s service business development strategy,” Sechin said after the signing of the contract. “Weatherford’s assets will help provide the most important regions of the company’s activity with well repair and drilling facilities on terms of maximum transparency of pricing.”

Meanwhile, Weatherford International President Bernard J. Duroc-Danner said that after the deal with Rosneft was closed, his company’s drilling business would be ready for initial public offering (IPO) in 2015.

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