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Weatherford and Rosneft close land rig and workover deal

01st August 2014

Rosneft has announced the close of the deal for the acquisition of land drilling and workover assets of Weatherford in Russia and Venezuela

Weatherford and Rosneft close land rig and workover deal
The deal will allow Rosneft to strengthen its positions on the market of drilling and workover services in Latin America

The closure marks the realisation of the agreement signed in July 2014 by Rosneft and Weatherford International.

“The deal fully complies with the adopted Rosneft strategy of the development of in-house service business,” said Rosneft head Igor Sechin at the signing of the deal. “The acquisition of Weatherford assets will allow us to secure, under the terms of maximum price transparency, the most important regions of operation of the company with service and workover machinery. Moreover the agreement forms part of the company initiative for the development of competencies in the service sphere in cooperation with Weatherford. We are sure that our mutually beneficial cooperation will develop actively both in Russia and abroad”.

Rosneft has acquired eight companies (part of the Weatherford group) involved in drilling operations in Russia and Venezuela.

The realisation of the deal will allow Rosneft to strengthen its positions on the market of drilling and workover services and will expand the array of service contractors which will enable to boost efficiency of drilling and hydrocarbons production, enhance financial results.

Earlier on this week, Rosneft and PDVSA signed a cooperation agreement to implement offshore projects in Rio-Caribe and Mejillones blocks (Phase II of the Mariscal Sucre Project), as well as seperate agreements to create a new engineering joint venture and pursue joint training programmes.

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