UAE-based oil and gas company ADES International Holding Ltd has purchased 11 onshore rigs in Saudi Arabia from Swiss oilfield service provider Weatherford International PLC for $92.5 million.
ADES International said that it funded the acquisition through a combination of cash and secured debt instruments and Weatherford's acquired assets in Saudi Arabia include management systems, employees and contracted personnel.
The acquisition is part of a previously agreed transaction with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for a total of $287.5 million in Kuwait, Saudi Arabia, Algeria and Southern Iraq.
ADES also plans to acquire the final six rigs in Algeria and expects the Algeria deal to be completed by the end of 2018.