Oil services company Weatherford International has scrapped plans for a joint venture with competitor Schlumberger and instead sold outright its pressure pumping and hydraulic fracturing fleet to the international giant for $430million in cash.
Schlumberger will take ownership of Weatherford’s US pressure pumping facilities and contracts, Weatherford said.
About 100 Weatherford employees will transfer to Schlumberger.
Weatherford will hold onto its well completions portfolio, manufacturing capability and supply chain, and use the cash to pay down debt.
This first appeared on the Houston Chronicle – an Energy Voice content partner. For more click here.