ADES takes over Weatherford’s Saudi rigs
LONDON, December 3, 2018 – ADES has completed its takeover of Weatherford’s operations in Saudi Arabia for USD 92.5 million, acquiring 11 rigs, the oilfield services firm announced on Monday.
The acquisition is part of a July deal in which Weatherford agreed to sell a total of 31 rigs located in Saudi Arabia, Algeria, Kuwait and Iraq to London-listed ADES for USD 288 million.
In early November, the USD 123-million sale of Weatherford’s 12 land rigs in Kuwait closed.
“We have now completed the majority of the Weatherford acquisition, which is transformational for the group, significantly increasing our size, visibility and exposure in the onshore market,” ADES CEO Mohamed Farouk said.