29 Jul 2009 17:13

TNK-BP closes sale of servicing enterprises to Weatherford

MOSCOW. July 29 (Interfax) - TNK-BP has closed the sale of servicing enterprises to Weatherford International Ltd, TNK-BP said in a statement.

The agreement for the sale was signed between the companies on May 29 of this year. Russia's Federal Antimonopoly Service (FAS) approved the transaction.

According to the terms of the agreement, Weatherford has acquired 10 servicing companies, which engage in drilling, capital repairs of wells and cementation in Western Siberia, Eastern Siberia and the Volgo-Urals region.

In 2008, these companies posted over $600 million in sales revenue while employing around 6,600 persons. The servicing companies are being sold as operating businesses.