Weatherford International agreed to sell its engineered chemistry and integrity drilling fluids businesses to Lubrizol for $750 million in cash. The sale is part of Weatherford’s plan to divest non-core assets and pay down debt. Weatherford said the transaction brings its divestiture proceeds in 2014 to $1.8 billion.
The engineered chemistry business provides chemical treatments for oil and gas production and produced waters and additives for drilling, workover and stimulation operations. The drilling fluids business includes drilling fluid systems and performance additives.
Lubrizol CEO James L. Hambrick said the acquisition represents a “decisive move” into a market space that will value the combined technologies of the two units.
