Weatherford International plc announced it has completed the sale of its Precision Drilling Services Saudi Arabia ("PDSSA") land drilling operations, including 11 drilling rigs, 923 employees and associated customer contracts to ADES International Holding Ltd. for $92.5 million in cash.

In July 2018, a subsidiary of Weatherford signed definitive agreements with ADES International Holding Ltd. for the sale of Weatherford's land drilling rig operations in Algeria, Kuwait and Saudi Arabia as well as two idle land rigs in Iraq, for an aggregate cash purchase price of $287.5 million (the "Transaction"). The Transaction includes 31 land drilling rigs and related drilling contracts, as well as approximately 2,300 employees and contract personnel.

This is the second in a series of four closings, the majority of which are expected to be completed by year-end 2018, subject to regulatory approvals, consents and other customary closing conditions. In November 2018, the Company announced the closing of the Kuwait land drilling rigs sale for $123 million in cash, and an additional $12 million in cash pending the delivery of the two idle land drilling rigs from Iraq. Weatherford will use the proceeds to reduce its debt.

About Weatherford

Weatherford (NYSE: WFT) is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 90 countries and has a network of approximately 710 locations, including manufacturing, service, research and development, and training facilities and employs approximately 28,450 people.

About ADES

ADES International Holding (ADES on the LSE) is a leading oil and gas drilling and production services provider in the Middle East and Africa offering offshore and onshore contract drilling as well as workover and mobile offshore production unit (“MOPU”) services. From its base in Egypt, ADES International Holding leverages its low-cost structure and highly skilled workforce of over 2,500 employees to consistently set the benchmark for high quality and efficient services. With an extensive track record of serving leading regional and global oil & gas clients, the company helps high-profile E&P players onshore and in shallow waters offshore maximize the value of their oil and gas resources.