Baker Hughes, Weatherford close on pipeline business deal

Oil services company Baker Hughes said it completed the acquisition of the pipeline business from rival Weatherford International.

Baker Hughes said it's acquiring a deepwater portfolio of pipeline and specialty services from Weatherford in a deal valued at $250 million.

"This acquisition adds sophisticated subsea pipeline commissioning services and new ultrasonic in-line inspection technologies to the Baker Hughes portfolio," Martin Craighead, chairman and chief executive officer of Baker Hughes, said in a statement Tuesday.

The terms of the deal were disclosed in March. It represents part of a restructuring plan from Weatherford.

"All proceeds will be used to pay down outstanding debt," Weatherford Chairman Bernard Duroc-Danner said.

Baker Hughes said it's also adding more than 700 process and pipeline specialists to its workforce as part of the deal.