Schlumberger Completes Takeover Of Cameron

Schlumberger Completes Takeover Of Cameron

Schlumberger Completes Takeover Of Cameron

Photo: oilandgaspeople.com

World’s largest oilfield services provider Schlumberger has closed its merger with Cameron, Offshore Energy Today reports.

Under the terms agreed, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued approximately 138 million shares pursuant to the merger. As a result, former Cameron stockholders own approximately 10% of Schlumberger’s outstanding shares of common stock.

Schlumberger says that the transaction combines two complementary technology portfolios into a pore-to-pipeline products and services offering to the global oil and gas industry.

The company says the merger will create technology-driven growth by integrating Schlumberger reservoir and well technology with Cameron wellhead and surface equipment, flow control and processing technology. This will result in the industry’s first complete drilling and production systems, which are enabled by Schlumberger expertise in instrumentation, data processing, control software, and system integration, Schlumberger said in a statement on Friday.

Paal Kibsgaard, Chairman and Chief Executive Officer of Schlumberger, sadi: “I am very pleased to welcome Cameron employees, customers and shareholders to Schlumberger. As a combined company, we will drive total system performance through a much closer integration between the surface and subsurface components of both drilling and production systems. We are ready to begin the process of realizing the synergies made possible by this merger and our focus in the near term is on the execution of our integration plans, while continuing to deliver safety and quality in our field operations.”

Scott Rowe, former Chief Executive Officer of Cameron, who has assumed the role of Schlumberger Cameron Group President, said, “This is an exciting time for all Cameron employees as we integrate our portfolio with Schlumberger technologies to deliver improved operational performance, higher levels of cost efficiency, and close commercial alignment through new risk-based business models, while continuing to focus on the needs of our customers.”

Schlumberger Limited (NYSE: SLB) and Cameron International Corporation (NYSE: CAM) jointly announced today that Chinese Ministry of Commerce (MOFCOM) has cleared their proposed merger without any conditions, as reported by OilVoice.

About Schlumberger

Schlumberger Limited is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger Limited provides the industry’s widest range of products and services from exploration through production.

About Cameron

Cameron’s products include a wide range of pressure control and rig systems for onshore and offshore drilling; land and platform production systems for conventional and unconventional applications; separation, processing, and treatment systems; subsea production and processing systems; measurement systems; and a wide variety of valves and actuators.

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