Weatherford International completed the sale of four contracted drilling rigs in Algeria to ADES International Holding.

The company expects that the remaining two rigs will transfer within the following four weeks after relocating within Algeria.

This will complete the sale of Weatherford’s land drilling operations in in the North African country, which in total includes six drilling rigs, 350 employees and contractors, and associated customer contracts to ADES International Holding PLC for $60 million in cash.

Selected by SPTEC Advisory from Petroleum Africa