Weatherford sells Kuwait rigs

BAAR, November 2, 2018 – Weatherford has closed the sale of its land rigs in Kuwait to ADES for USD 123 million, the oilfield services giant announced on Thursday.

The deal, signed in July, includes a total of 31 rigs situated in Saudi Arabia, Algeria and Iraq, for USD 288 million.

“This is the first in a series of four closings, the majority of which are expected to be completed by year-end 2018, subject to regulatory approvals, consents and other customary closing conditions,” Weatherford added.

Also on Thursday, Fluor and Kuwait National Petroleum Company announced first steam at the Clean Fuel Project, which is designed to upgrade Mina Al Ahmadi and Mina Abdullah refineries in Kuwait.

Read our latest insights on: