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Conyers advises Weatherford International Ltd. on the sale of its stake in Borets International Limited

October 2013 Robert J.D. Briant

Conyers advised Weatherford International Ltd. (“Weatherford”), one of the world’s largest oil and natural gas service companies, on the sale of its approximately 38.5% equity interest in Borets International Limited (“Borets”), a British Virgin Islands company and a leading global supplier of electric submersible pump systems. Weatherford, through its subsidiaries, entered into an agreement with Borets and Tangent Fund Limited (“Tangent”), its joint venture partner in Borets, to sell its equity interest in Borets for proceeds of US$400 million consisting of $370 million in cash and a three-year $30 million promissory note.

Robert Briant, Head of Conyers’ British Virgin Islands office, and Patrick Ormond, an associate in Conyers’ British Virgin Islands office, advised on the transaction alongside Baker & McKenzie.

 


Robert J.D. Briant
Partner, Head of BVI Corporate

British Virgin Islands   +1 284 852 1100


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