Weatherford To Sell Land Drilling Rigs For $288 Million

Weatherford International Plc (NYSE: WFT) on July 11 said it will sell its land drilling rig operations in Algeria, Kuwait, and Saudi Arabia, as well as two rigs in Iraq, to ADES International Holding Ltd. for $287.5 million.

Weatherford is shedding underperforming assets in a bid to halt losses and trim its debt burden. The deal could boost investor confidence that Weatherford CEO Mark McCollum can turn around the beleaguered oilfield services company.

“Mark McCollum’s vision is finally starting to take shape,” James West, a senior managing director at Evercore ISI, wrote in a note on Wednesday. “Weatherford may be hitting its stride on the path to becoming a sustainable, focused powerhouse within the industry.”