Rosneft buys Swiss service company Weatherford for USD 500 million

The Swiss company Weatherford International sells eight operating units to Russia’s Rosneft for 500 million USD, Weatherford says in a press release. The Swiss companies are active in the service industry for oil fields in Russia and Venezuela.

Rosneft confirmed the purchase of eight companies from the Weatherford group which are drilling and repairing oil wells in Russia and Venezuela. Igor Sechin, head of “Rosneft” and Lance Marklinger, vice president of Weatherford International Russia, signed a similar agreement, the news service “Voice of Russia” reports.

The agreement also includes the development of a long-term cooperation in the oil service business, reads the Weatherford press release.

“The contract is in line with Rosnefts development strategy for service business”, said Setchin after signing the contract, according to ITAR-TASS.

Source: ITAR-TASS, Voice of Russia