UAE-based oil and gas drilling and production services provider ADES International Holding PLC has acquired four contracted onshore rigs in Algeria for $40 million.
ADES acquired the rigs from U.S. oilfield services company Weatherford International PLC.
The transaction, funded through a combination of cash and secured debt instruments, includes Weatherford's associated assets, management systems, and around 350 employees and contract personnel.
The deal forms part of a definitive agreement with a unit of Weatherford to buy 31 onshore drilling rigs for $287.5 million across Kuwait, Saudi Arabia, Algeria and Southern Iraq.