ADES Completes Weatherford Transaction

Source: www.gulfoilandgas.com 3/25/2019, Location: Africa

ADES International Holding PLC (ADES) has completed the acquisition transaction with Weatherford International plc ("Weatherford") and receipt of the final two onshore rigs in Algeria, and a further two rigs delivered outside of Southern Iraq for relocation to Saudi Arabia.

The acquisition cost was US$ 20 million for the Algerian rigs and an additional US$ 12 million for the Southern Iraq rigs, for a total consideration of US$ 32 million for the four rigs.

The transaction is the final segment of the previously signed definitive agreement with a subsidiary of Weatherford to acquire thirty-one onshore drilling rigs for a total consideration of US$ 287.5 million, including twelve rigs in Kuwait, eleven in Saudi Arabia, six in Algeria and two rigs delivered outside of Southern Iraq for relocation to Saudi Arabia.

Dr. Mohamed Farouk, Chief Executive of ADES, said: "With the Weatherford acquisition now complete, we have effectively tripled our fleet size and more than doubled our number of operating rigs across an expanded geographical footprint.

Our strategy in 2019 will focus on organic growth and on capitalising on the increased tendering capacity afforded by the eleven uncontracted rigs acquired through the transaction. We expect to extract synergies from our larger fleet and are pushing forward an asset integration program to manage the rapid operational growth."

For more information about related Opportunities and Key Players visit Algeria Oil and Gas Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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