HOUSTON, March 12 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT) today announced the purchase of Tesco Corporation's (Toronto: TEO) underbalanced drilling (UBD) business for cash consideration of approximately US$33.0 million. The assets being acquired include eight integrated UBD systems plus stand-alone nitrogen generating units, pressure control units and other related equipment.
This transaction is a strategic and timely one for Weatherford. The addition of Tesco's UBD systems to Weatherford brings much needed capacity to Weatherford's rapidly growing underbalanced drilling segment. Weatherford offers the market fully integrated underbalanced drilling systems from the well engineering through drilling with state of the art technology. Underbalanced drilling is gaining wide spread industry acceptance primarily because of its effect on well productivity and ultimate recovery rate.
Houston-based Weatherford International, Inc. (http://www.weatherford.com) is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 50 countries and employs approximately 10,500 people worldwide. SOURCE Weatherford International, Inc.
CONTACT: Don Galletly of Weatherford International, Inc., 713-693-4148/