BAAR, Switzerland, April 30, 2019 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the "Company" or "Weatherford") today announced it has completed the sale of its surface data logging business to Excellence Logging for $50 million in total consideration.
In December 2018, the Company signed a definitive agreement to sell all of its surface data logging equipment, technology and associated contracts to Excellence Logging. The companies intend to maintain a close and collaborative relationship to provide bundled and integrated services, including surface data logging, to their customers.
The transaction is one in a series of planned divestitures to refocus the Company's portfolio on core businesses most closely aligned with its long-term strategy and to reduce its debt.
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 80 countries and has a network of approximately 700 locations, including manufacturing, service, research and development, and training facilities and employs approximately 26,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.
About Excellence Logging
Excellence Logging is a specialist oilfield services company with a focus on providing customers safe and more technically advanced geological, surface formation evaluation, drilling monitoring, and light well intervention services. Formed in 2015, Excellence Logging benefits from an experienced management team, innovative research and engineering capabilities, and a collaborative approach to meeting customer needs. The company has operations in over 20 countries, employing more than 700 people. For more information, visit www.exlog.com.
This press release includes forward-looking statements as defined under federal law, including, but not limited to, those related to the sale transactions described in this press release. These forward-looking statements are generally identified by the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "may," "should," "could," "will," "would," and "will be," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are subject to significant risks, assumptions and uncertainties. Known material factors that could cause the Company's actual results to differ materially from the results contemplated by such forward-looking statements are described in the forward-looking statements and risk factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and those risk factors set forth from time-to-time in other filings with the Securities and Exchange Commission. Weatherford undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.
Executive Vice President and Chief Financial Officer, Weatherford
Senior Vice President, Stakeholder Engagement and Chief Marketing Officer, Weatherford
Chairman, Excellence Logging
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SOURCE Weatherford International plc