Weatherford International has entered an agreement to sell its surface data logging business to oilfield services company Excellence Logging to pare down its debt.
The transaction is valued at around $50m and includes the sale of Weatherford’s surface data logging equipment, technology and associated contracts.
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It marks the company’s exit from the surface data logging business.
Excellence Logging offers geological, surface formation evaluation, drilling monitoring, and light well intervention services. The company will take on personnel from Weatherford’s data logging business.
Despite the sale, Weatherford intends to continue its relationship with Excellence Logging to provide bundled and integrated services, including surface data logging, to its clients.
The company will use proceeds from the sale to cut its debt.
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By GlobalDataWeatherford International president and CEO Mark McCollum said: “The similarities in approach, culture and experience will help ensure a smooth transition for our customers and our employees who will be joining Excellence Logging.”
In a statement, the firm said that it is selling the surface data logging business to maximise shareholder value.
Excellence Logging president and CEO Bruno Burban said: “With the purchase of Weatherford’s surface data logging business, Excellence Logging will become the largest independent mud logging company in the oil and gas services sector.
“The scale of Weatherford’s mud logging operations, long history in this business, and experienced personnel will complement our own to give us a truly global presence.”
Subject to certain closing conditions, the completion of the transaction is anticipated to take place in the first half of next year.
Weatherford is a multinational oilfield service company with operations in more than 90 countries and a network of around 710 locations.
