April 24, 2018 / 1:39 PM / 6 months ago

Weatherford launches two new divestiture processes

HOUSTON, April 24 (Reuters) -

* Weatherford International on Tuesday said a divestiture of its land drilling rigs was ‘taking longer than expected’

* The company said the delay was due to increased interest in a geographic subset of the business, which has made the divestiture process more complex

* Weatherford said it has also initiated two divestitures in addition to the land drilling rigs. Those divestitures are expected to generate $500 million by year end

* Weatherford’s chief executive, Mark McCollum, on Tuesday said short-cycle investments would drive oil and gas activity in 2018 (Reporting by Liz Hampton; editing by Jonathan Oatis)

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