Oil company Rosneft said it signed a deal to acquire eight companies under Weatherford's control that are involved in drilling operations in Russia and Venezuela.
Weatherford President Bernard Duroc-Danner said the deal offers an opportunity to streamline its operations in Russia while focusing its core operations elsewhere.
"Following this sale, our remaining 114 international land drilling rigs, the majority of which are in the Middle East, are being prepared as planned for issuance in the public market in 2015 as an independent international drilling contractor," he said in a statement.
Weatherford valued the deal Monday at $500 million.
Rosneft said it will maintain a strong working relationship with Weatherford for the long term. Rosneft Chief Executive Officer Igor Sechin said the deal is part of an effort to develop the company's own in-house services.
The agreement followed a visit by Russian President Vladimir Putin to Latin America.