Weatherford International Plc (NYSE: WFT) said Dec. 17 it has signed a definitive agreement to sell its surface data logging business to Excellence Logging for $50 million in cash.

As part of the agreement, Weatherford will sell all of its surface data logging equipment, technology and associated contracts. Related personnel will be transferred to Excellence Logging.

“With the purchase of Weatherford’s surface data logging business, Excellence Logging will become the largest independent mud logging company in the oil and gas services sector,” Bruno Burban, president and CEO of Excellence Logging, said in the release.

The deal, which is expected to close in first-half 2019 subject to subject to customary closing conditions, is one in a series of planned divestitures that will help deleverage Weatherford’s capital structure, the company said in a news release.

“While with this transaction Weatherford will exit the surface data logging business, it plans to continue to maintain a close and collaborative relationship with Excellence Logging to provide bundled and integrated services to its customers including surface data logging,” Weatherford said in the release.

Upon closing, Weatherford said the net proceeds will be used to reduce debt.

The latest agreement followed news in third-quarter 2018 of Weatherford’s decision to sell its international land rigs business for $287.5 million, of which it has received $215.5 million in cash proceeds to date. During fourth-quarter 2018, the company also announced an agreement to sell its laboratory services business for $205 million in cash.