HOUSTON –Weatherford International Ltd. (NYSE:WFT) has agreed to sell its pipeline and specialty services business to a Baker Hughes (NYSE:BHI) subsidiary for a total consideration of $250 million.
"The addition of Weatherford's pipeline and specialty services not only will augment our asset assurance and integrity capabilities, but also will help us leverage our existing technologies and global supply chain network into profitable, growing markets," said Martin Craighead, chairman and CEO of Baker Hughes.
"This sale is an important first step towards Weatherford's refocus on its core businesses and becoming a leaner, more efficient and stronger company. We are pleased to have reached agreement on the sale of this business to Baker Hughes, which complements their existing process and pipeline services business. We believe that Baker Hughes is really well positioned to maximize the potential of this business," stated Bernard J. Duroc-Danner, chairman, president, and CEO of Weatherford.