Weatherford International Bought 10 Service Companies from TNK-BP

30.07.2009 — News

TNK-BP has completed the sale of 10 service companies to Weatherford International, a Swiss company. The Agreement signed on 29 May 2009 has been approved by the Russian Federal Antimonopoly Service.

The TNK-BP press service informed RusBusinessNews that the sold companies offer services in well drilling, workover, and cementing in the Volga, Urals, and Siberian Federal Districts. Amongst them are operation companies Nizhnevartovskburneft, Chernogornefteservis, Orenburgburneft. In 2008 the companies’ income amounted to 600 million US dollars, the number of employees was 6,600.

TNK-BP will receive in payment 24.3 million of ordinary shares WFT with lowest price guaranteeing the price of the securities for the nearest 12 months. One Weatherford share was quoted at 20.7 dollars on the American NYSE.

The deal will help the further growth of the productivity of well drilling and workover offered to TNK-BP. Also the company will be able to focus better on the main work of the production, processing, and marketing of oil and petroleum products.

Weatherford is intending to strengthen its position of a large supplier of goods and services in the Russian market which will promote the further growth of service companies’ standards of work.