LONDON (Alliance News) - Oil & gas company ADES International Holding Ltd said Monday it bought 11 onshore rigs from Weatherford International PLC in Saudi Arabia for a total of USD92.5 million.
The acquisition was financed through a combination of cash and secured debt instruments, the company explained. It includes Weatherford's associated assets in Saudi Arabia, management systems, employees and contracted personnel.
The transaction is part of a previously agreed deal with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for a total of USD287.5 million in Kuwait, Saudi Arabia, Algeria and Southern Iraq.
ADES is now targeting the acquisition of the final six rigs in Algeria. It expected the deal to be completed by the end of 2018.
ADES shares were trading up 0.4% at USD13.90 each.