Weatherford acquires TNK-BP’s Oil Field Services

Weatherford has acquired TNK-BP’s Oil Field Services (OFS) enterprises in exchange for 24.3 million shares of Weatherford common stock and other consideration.

Offshore staff

MOSCOW -- Weatherford has acquired TNK-BP’s Oil Field Services (OFS) enterprises in exchange for 24.3 million shares of Weatherford common stock and other consideration. The transaction remains subject to approval from Russia’s Federal Anti-monopoly Service.
TNK-BP’s OFS business currently provides drilling, sidetracking, well intervention and
workover, cementation, and required support services in Russia. It comprises six operating companies owning and operating more than 75 drilling rigs, 180 workover units, 150 cementation and pumping units, and over ten operating bases in reservoir plays including two central bases in Western Siberia and the Volga-Urals region.

“This transaction with Weatherford allows us to drive further efficiency into our business in today’s testing economic climate, and will give us access to the world’s most technologically advanced rigs, drilling and work-over equipment and services,” says Tim Summers, CEO of TNK-BP. “It will also secure jobs and boost investment in Russia’s services sector generally.”

05/29/2009

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