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.