DOW JONES NEWSWIRES
Weatherford International Ltd. (WFT) has agreed to acquire the
oilfield unit of BP PLC's Russian joint venture in a stock deal
valued at $490 million.
Oil-services company Weatherford will exchange 24.3 million
shares for the business, which has operating bases in critical
reserves including Western Siberia and the Volga-Urals region. The
unit's revenues exceeded $650 million in 2008, Weatherford
said.
Weatherford and other oil-services companies have been looking
for growth outside the U.S. amid a steep drop in demand.
The joint venture, TNK-BP Ltd., has been undergoing a sweeping
overhaul of its structure and corporate governance, as well as a
management shake-up after a long-running and bitter dispute. It is
Russia's third-largest oil producer.
Weatherford's shares recently were up 3.7% at $20.70 as oil
prices continue to climb. The stock, which closed at $20.13 on
Thursday, are down 53% in the past year, though they have nearly
doubled so far this year.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473;
tess.stynes@dowjones.com