Baker Hughes buys Weatherford pipeline

OE Staff
Monday, March 24, 2014

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.

Categories: Pipelines Activity

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