US-based oil field services company Weatherford has sold its onshore drilling rig business in Saudi Arabia, Kuwait and Algeria.

In a statement, Weatherford has said it has signed an agreement with UAE-based ADES International Holding to sell the rig business in the three countries, for a cash transaction worth $287.5m.

The transaction includes the sale of 31 land drilling rigs and related drilling contracts, as well as transfer of approximately 2,300 employees and contract personnel.

The deal is expected to be executed in a series of closings, most of which will be completed in the second half of 2018 - subject to regulatory approvals, consents and other customary closing conditions - the Houston-headquartered firm has said.

The sale price is also subject to a customary post-closing working capital adjustment, it said.