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Ahead of earnings, Weatherford sells off Middle East rigs

Ahead of earnings, Weatherford sells off Middle East rigs

Business
July 12 (UPI) -- Ahead of its second quarter earnings report, drilling services company Weatherford said it sold off Middle East assets for $ 287.5 million. A regional subsidiary of Weatherford International sold off its drilling operations in Algeria, Kuwait and Saudi Arabia, along with two idled land rigs in Iraq, to regional services provider ADES International Holding for $ 287.5 million. Through the agreement, ADES more than doubles its payroll count and adds 31 rigs and related contracts to its portfolio. "This landmark transaction significantly expands ADES' total fleet and more than doubles its operational fleet, in line with our strategy of executing smart acquisitions, alongside building our backlog and participation in tenders," ADES CEO Mohamed Farouk said in a statement. ADE...