Weatherford International Ltd. and Baker Hughes Incorporated have signed an agreement for the sale of Weatherford’s pipeline and specialty services business to a subsidiary of Baker Hughes for a total consideration of US$250 million, including $241 million in cash and $9 million in retained working capital.
The sale is part of Weatherford’s previously announced plan to divest its non-core businesses.
“This sale is an important first step towards Weatherford’s refocus on its core businesses and becoming a leaner, more efficient and stronger company,”Bernard J. Duroc-Danner, chairman, president and CEO of Weatherford said.