Closing is expected in the third quarter.
Weatherford said its Russian business will be half its present size and focused on core product lines. “We will dedicate ourselves to the long-term development of Russia’s reservoir base,” said Weatherford Chairman Bernard J. Duroc-Danner.
The sale of the Venezuela assets will affect about one third of Weatherford’s business there, the company said.
After the sale, Weatherford will have 114 international land drilling rigs, the majority of which are in the Middle East.