ZUG, Switzerland, Aug. 1, 2014 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) 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.
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With the conclusion of this transaction, Weatherford's remaining
Russian revenue base declined from 7% of total company revenue in
the first half of 2014 to 3% on a pro forma basis.
The proceeds from this sale will be utilized 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.
About Weatherford
Weatherford is one of the largest multinational oilfield service
companies. Weatherford's product and service portfolio spans the
lifecycle of the well, and includes Well Construction, Formation
Evaluation, Completion and Artificial Lift. The Company provides
innovative solutions, technology and services to the oil and gas
industry, and operates in over 100 countries.
Weatherford
Contacts
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Krishna
Shivram
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+1-713-836-4610
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Executive Vice
President and Chief Financial Officer
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Karen
David-Green
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+1-713-836-7430
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Vice President –
Investor Relations
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Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are generally identified by
the words "believe," "expect," "anticipate," "estimate," "intend,"
"plan," "may," "should," "could," "will," "would," and "will be,"
and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are
subject to significant risks, assumptions and uncertainties.
Specifically, statements regarding the timing of closing of the
transaction described herein assume that there will be no
subsequent events or other adverse developments after the date of
this press release that will affect closing. Forward-looking
statements also are affected by the risk factors described in
Weatherford's Annual Report on Form 10-K for the year ended
December 31, 2013, and those set
forth from time-to-time in other filings with the Securities and
Exchange Commission. Weatherford undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events, or otherwise, except to
the extent required under federal securities laws.