Russian state oil firm Rosneft has completed the acquisition of oilfield services from Weatherford International in a $500million deal.
The transaction, agreed last month, covers 61 land drilling and workover rigs in Russia and six land drilling rigs in Venezuela via the acquisition of eight Weatherford subsidiaries.
“The realization of the deal will allow Rosneft to strengthen its positions on the market of drilling and workover services and will expand the array of service contractors which will enable to boost efficiency of drilling and hydrocarbons production, enhance financial results,” Rosneft said in a statement.
The operations generated half of Weatherford’s revenue in Russia and one third in Venezuela, the engineering giant reported in July.
Earlier this year the company pledged to sell or split off as much as $1billion in assets in 2014 as part of a corporate turnaround plan.
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