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

Conyers Dill & Pearman has advised Weatherford International, an oil and natural gas service company, on the sale of its approximately 38.5 per cent equity interest in Borets International, a British Virgin Islands company and a supplier of electric submersible pump systems.

Weatherford, through its subsidiaries, entered into an agreement with Borets and Tangent Fund, its joint venture partner in Borets, to sell its equity interest in Borets for proceeds of $400m (£250m) consisting of $370m in cash and a three-year $30m 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.