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Weatherford acquires TNK BP OFS
.jpg) Russian operator TNK BP has reached agreement deal with US-based Weatherford to sell off its oil field services operations in a share deal.
Weatherford is to acquire TNK BP's entire oil field services (OFS) business in exchange for 24.3 million Weatherford shares .
With the agreement, Weatherford gets six TNK BP operating companies, 75 land rigs and 180 workover units, plus 150 cement and pumping units, across ten operating basis including the Western Siberia and Volga-Urals region. Revenues from these units last year were worth US $650 million, Weatherford said.
Tim Summers, the recently appointed new chief executive of TNK BP said the move would allow further efficiency in a “testing economic climate,” and: “...will give us access to the world's most technologically advanced rigs, drilling and work-over equipment and services. It will also secure jobs and boost investment in Russia's services sector generally.”
“ This investment in Russia's oil industry and its future growth strengthens Weatherford's position in one of the most important global oilfield service markets,” said Weatherford chief executive Bernard Duroc-Danner.Advertisement
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Shell to pay out over Nigeria caseOil giant Royal Dutch Shell PLC is to pay out £9.7m ($15.5m) to settle a lawsuit over its alleged complicity in the 1995 execution of several Nigerian environmental activists, the UK Press Association and British media reported.
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