Weatherford Completes Sale of Laboratory Services Business

BAAR, Switzerland, April 30, 2019 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the "Company" or "Weatherford") today announced it has completed the sale of its laboratory services business to a group led by CSL Capital Management, L.P. ("CSL Capital") for $206 million in cash.

In October 2018, the Company signed a definitive agreement to divest its laboratory and geological analysis business, including personnel and associated contracts. The transaction is one in a series of planned divestitures to refocus the Company's portfolio on core businesses most closely aligned with its long-term strategy and to reduce its debt.

"We are pleased to close this transaction with CSL Capital Management, which has a strong track record of investing in energy services," said Mark A. McCollum, President and Chief Executive Officer of Weatherford. "Over the several past months, our teams have worked closely to ensure a seamless transition for our customers, suppliers and employees. We believe this transaction will give our customers the opportunity to maximize their operations through this world-class laboratory and reservoir services company, and its highly qualified workforce."

"We are pleased to close this transaction with Weatherford and are looking forward to working closely with the employees and customers of Stratum Reservoir, the new name of the standalone, independent laboratory services company. After the close we will be investing and growing Stratum Reservoir to further extend the leadership of this world-class laboratory and reservoir description company and to serve the evolving needs of the energy industry," said Charlie Leykum, Founding Partner of CSL Capital. "We are also appreciative of all the support provided by the Weatherford team leading up to the closing today, and we look forward to our continued collaboration."

"I am excited by the opportunity to work with the exceptional employees of Stratum Reservoir to build a market-leading Geosciences laboratory business by focusing on value-adding technical solutions that help our customers gain a deep understanding of their energy resources," said Ricardo Carossino, newly appointed Chief Executive Officer of Stratum Reservoir.

CSL Capital partnered with the Carlyle Energy Mezzanine Opportunities Fund II, L.P. ("Carlyle") to complete this acquisition.

About Weatherford
Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 80 countries and has a network of approximately 700 locations, including manufacturing, service, research and development, and training facilities and employs approximately 26,500 people. For more information, visit www.weatherford.com and connect with Weatherford on LinkedIn, Facebook, Twitter and YouTube.