LONDON (Alliance News) - ADES International Holding PLC on Thursday said it bought four contracted onshore rigs from Weatherford International PLC in Algeria.
ADES paid USD40 million for the four rigs, financed through a combination of cash and secured debt instruments.
The deal includes Weatherford's associated assets, management systems, and about 350 employees and contract personnel.
The acquisition forms part of a definitive agreement with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for USD287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq.
The company has already acquired all the rigs besides two. It expects to complete the acquisition within four weeks.
"We have now effectively completed the Weatherford acquisition, which is transformational for the group, significantly increasing our size, visibility and exposure to the onshore oil and gas market," Chief Executive Officer Mohamed Farouk said.
ADES shares were untraded at USD13.875 each on Thursday at midday.