By the OGJ Online Staff
HOUSTON, Apr. 23 -- Weatherford International Inc., Houston, said Monday it has acquired Orwell Group PLC, Aberdeen, Scotland, an international provider of oil field services for drilling, fishing, remediation, and marine applications.
Terms call for Weatherford to buy Orwell for $250 million, consisting of 3.37 million shares of
Weatherford common stock and $85 million in assumed debt.
The acquisition provides significant consolidation savings, increases Weatherford's stake in international markets, and provides spare equipment capacity, Weatherford said.
Orwell's operations will be integrated into Weatherford's Drilling & Intervention Services division.
Weatherford, which operates in more than 50 countries and employs 11,500 people worldwide, provides technology and services for the oil and gas industry.
