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Rosneft has agreed to buy Weatherford International’s land drilling and workover assets in Russia and Venezuela.

It will pay $500 million in cash.

The agreement, announced Monday, was signed by Rosneft president Igor Sechin and Weatherford vice president Lance Marklinger.

Rosneft is buying eight companies from Weatherford involved in drilling operations in Russia and Venezuela.

The Russian rig operations include 61 land drilling crews and a fleet of workover rigs.

The Venezuela operations include six land drilling rigs, Weatherford said Monday.

Weatherford said the rig operations generate roughly half of the company’s total existing revenue in Russia and about one-third of the company’s business in Venezuela.

The sale is expected to close in the third quarter of 2014.

“The document also envisages the development of long-term cooperation in oil field services between Rosneft and Weatherford,” the companies said.

Rosneft’s Sechin said: “The deal fully complies with the adopted Rosneft strategy of the development of in-house service business.”

Bernard J. Duroc-Danner, chairman and CEO of Weatherford, said the sale is part of the company’s effort to reduce debt.

In March, Weatherford sold its pipeline and specialty services business to Baker Hughes Inc. for $250 million.

The sale to Rosneft, Duroc-Danner said, “is the second step in our efforts to divest our non-core businesses. There will be additional steps over the coming quarters.”