Weatherford Agrees To Sell Data Logging Business

Weatherford International Plc (NYSE: WFT) said Dec. 17 it has signed a definitive agreement to sell its surface data logging business to Excellence Logging for $50 million in cash.

The deal, which is expected to close in first-half 2019 subject to subject to customary closing conditions, is one in a series of planned divestitures that will help deleverage Weatherford’s capital structure, the company said in a news release.

As part of the agreement, Weatherford will sell all of its surface data logging equipment, technology and associated contracts. Related personnel will be transferred to Excellence Logging.